Since the beginning of the 21st century, the world has faced the dual challenges of traditional and non‐traditional risks, which has led to the transformation of the connotation of equity from the fair distribution of material wealth and resources to the fair distribution of social risks. In this context, how to effectively deal with the "twin‐mode" risks and continuously take into account the fair value has become a new imperative of the times, or alternatively, how to effectively interact between the government and the society during the normal state and emergency state to ensure the fair distribution of risks, and meanwhile uphold social equity? Community resilience is an important paradigm for understanding risk society and disaster response processes, but equity, as an important value element, has rarely been factored into research related to community resilience governance. This study attempts to construct an integrated framework of administration and value, and analyze the essentials of equity in community resilience governance. Starting from the connotation of fair risk distribution, it explores the fair realization mechanism in community resilience governance. The research applies a case study method, by using policy text collection, in‐depth interviews, focus group discussions, etc., to collect qualitative data to understand how Sichuan Province of P. R. China achieves fair value through three mechanisms of policy corridors, social growth, and capacity building to promote community resilience. Its realization of equity in governance provides real‐world experiences and reflections for future practice.