This paper investigates the trading behavior of ambiguity-loving investors and the corresponding impacts on asset price. The ambiguity-loving attitude increases investors' willingness to participate in the risky asset market. Their rising participation gradually crowds out ambiguity-averse and sophisticated investors, extending their nonparticipation region. When the market supply is small, the discontinuous and non-unique properties of ambiguity-loving investors' demand mapping can cause flat ranges in the equilibrium price. When the market supply is moderate or large, an increase in the fraction of ambiguity-loving investors or ambiguity level reduces equity premium. We find the effect of ambiguity-loving attitudes remains with short-sales constraints except for ambiguity-loving investors' positions and the equity premium. Their positions shrink, and equity premium decreases when the market supply is small. Besides, the rising fraction of ambiguity-level investors and ambiguity level increases equity premium when ambiguity-loving investors with heterogenous opinions only sell the risky asset.