Abstract: The implementation of residents' demand response (DR) is of great importance in achieving energy conservation and emission reduction. In order to further promote residents' DR and investigate the influence of various factors on DR participation, an approach for analyzing residents' DR behavior that considers multiple influencing factors is proposed in this paper. Firstly, a multi-factor influence model is developed based on the main influencing factors, namely social relationships, attribute influence and their own willingness. Secondly, based on the interaction among the three levels of factors and the Markov property of decision-making process, Markov decision equations are established for residents' DR, which are applied to analyze the characteristics of DR behavior at different stages. Finally, the influence of each factor on DR behavior is quantified through case study. The results show that the participation of residents in DR considering multiple influencing factors is lower than the participation influenced by one factor. Moreover, the interaction among different factors can also lead to the changes in residential participation.