Regarding the relationship between CEO power and firm risk, contradictory views can be deduced from managerial power theory and organization theory. This study tries to reconcile these contradictions by delving into the differences in the types of CEO power. Using a sample of Chinese listed companies, we find that the formal power CEOs derive from ownership has a positive relationship with firm risk, but CEOs’ informal power that originates from expertise is negatively associated with firm risk. Furthermore, CSR is verified as a mediator in the relationship.