Based on the information consumption panel data of China provinces from 2002 to 2013, the models of panel co-integration to estimate information consumption effect are established. Firstly, the variables checking of the panel unit root and panel co-integration are applied. Then by using the estimating method of FMOLS, the information consumption effect of urban and rural residents is studied. By comparing the information consumption effect of regional difference, the results are obtained. The information consumption effect of urban residents shows the increasing effect and the rural residents’ shows the replacing effect. The increasing effect of rural residents is gradually decreased with the increasing of regional developing level, and then transits into replacing effect from the region of west, middle to east. However, with the increasing of information level and upgrading of information structure, the replacing effect of urban residents gradually presents the trend of firstly increasing, then decreasing.