Taking the perspective of innovative knowledge management, this study aimed to investigate the stimulation mechanism of continuous innovative knowledge contribution (CIKC). Through a quantitative study conducted in an open innovation community, we modeled a stimulus–organism–response framework to conduct a path analysis from the external environment to internal cognition, and then to knowledge contribution, and filled in the gaps in the mediating and moderating mechanisms. We focused on the stimuli of knowledge contribution, in view of both quantity and quality. Panel data from six periods in one year was collected for dynamic analysis, and we used the fixed effect model to test our hypotheses of mediation effect, moderation effect, and mediated-moderation effect. There were some interesting findings, showing that user’s self-efficacy plays a partial mediating role in the quantity, rather than the quality, of CIKC; meanwhile, the users’ knowledge level plays a moderating role, and there is a negative moderating mechanism of knowledge level in the process from participation value to the quality of CIKC.