Since the Shanghai and Shenzhen Stock Exchanges issued documents encouraging listed companies to disclose social responsibility information in 2006, listed companies in China have gradually begun to pay attention to their social responsibility performance. However, food safety, production safety, environmental pollution, and other social responsibility issues are still emerging endlessly. According to existing research, gambling preference is reflected in investors’ investment behaviors, such as daily trading. Since investors’ gambling preferences are difficult to observe in the stock market directly, the identification of investors’ gambling behaviors is often transformed into the identification of investors’ gambling objects, i.e., lottery-type stocks. On the one hand, lottery stocks have lower institutional shareholding and higher individual shareholding than non-lottery stocks. Considering individual investors’ lack of supervisory ability and motivation, lottery-type stocks may lower the corporate governance levels and thus negatively affect the social responsibility performance of listed companies. Moreover, institutional investors who hold lottery-type stocks tend to be smaller, less diversified, or based on informed trading premise, so these institutions may not be able to play the same supervisory role as institutional investors holding non-lottery stocks. On the other hand, investors’ attention attracted by lottery-type stocks may generate external pressure on short-term market prices, intensify managerial myopia, and eventually result in poor social responsibility performance of listed companies. Lottery-type stocks are identified based on the stock price, the stock idiosyncratic volatility, and the stock idiosyncratic skewness. This paper then takes China’s A-share listed companies from 2009 to 2020 as the research object and uses the Hexun score as the proxy for social responsibility performance to test the relationship between lottery-type stocks and the social responsibility performance of listed companies. Results show that lottery-type stocks are significantly negatively associated with the social responsibility performance of listed companies, and this relationship exists in five CSR subdivisions: shareholder responsibility, employee responsibility, supplier, customer and consumer rights responsibility, environmental responsibility, and social responsibility. The decreasing effect of lottery-type stocks on the social responsibility performance of listed companies is still valid after a series of endogeneity tests and robustness tests. In economic mechanism testing, this paper finds that lottery-type stocks lower the social responsibility performance of listed companies by inhibiting the corporate governance level and exacerbating managerial myopia. In additional analyses, when the stock market is a bear market and investors are pessimistic about the stock market, investors have a stronger demand for lottery-type stocks due to investors’ panic. This demand further interferes with the social responsibility performance of listed companies, which is reflected in the intensification of the negative impact of lottery-type stocks on the social responsibility performance of listed companies. The prevalence of regional gambling culture raises investors’ investment in local lottery-type stocks, which increases the impact of investors on corporate governance and managerial myopia and further aggravates the negative impact of lottery stocks on the social responsibility performance of listed companies. Religious tradition can drive the practice of business ethics and mitigate the negative effect of lottery-type stocks on the social responsibility performance of listed companies. This research focuses on the relationship between lottery-type stocks and company performance. In additional analyses, this paper explores how lottery-type stocks affect company performance, which enriches the research on investor gambling preference and lottery-type stocks and helps to deepen the understanding of emerging stock markets. Under the policy background of China’s economic transition to high-quality development, it is of positive significance to carry out relevant research on social responsibility, which can provide a reference for the country to guide enterprises to improve their social responsibility performance. Although institutional shareholding in the A-share market has gradually increased in recent years, the overall proportion of the market value of institutional shareholding in China is still low compared to mature overseas markets. In conclusion, regulators can further promote institutional and professional investment into the stock market so as to give full play to the supervisory role of institutional investors in the capital market and then improve the social responsibility performance of listed companies.