Generally, in Danmaku video websites, users have two types of behaviors: watching and posting Danmaku comments. However, current literature only focused on the adoption of Danmaku and seldom discussed the differences between watching and posting behaviors. To fill this gap, we design our model based on S-O-R framework and posit that a sense of virtual community (SOVC) and perceived value composed of information value and emotional value affected by information and system qualities determine the two behaviors. Data collected from 175 respondents was used to test the model. We found that 1) intention to post largely comes from SOVC and emotional value, 2) intention to watch only depends on emotional value, and 3) interactivity and information quality are related to two perceived value significantly while visual appeal only correlates with emotional value. This study provides a new perspective for further understanding of users’ participation behaviors in Danmaku websites.