Using listed companies in the Shanghai and Shenzhen A-share markets from 2003 to 2023, this study constructs a panel data model to empirically examine the impact of economic policy uncertainty (EPU) on corporate risk-taking, as well as the moderating effect of corporate diversification. The results show that an increase in economic policy uncertainty significantly suppresses corporate risk-taking. This effect is more pronounced in small-scale and low-growth companies. Further analysis reveals that a higher degree of corporate diversification can effectively mitigate the adverse impact of economic policy uncertainty on risk-taking, especially through the diversification of revenue structure, which exhibits a more significant moderating effect. Based on these findings, it is recommended that the government enhance the stability and transparency of economic policies to reduce the negative impact of policy uncertainty on business operations, while enterprises should proactively optimize their diversification strategies to improve adaptability to external environmental fluctuations.