Using a survey data of Beijing Normal University, this article uses factor analysis and regression analysis to test the implementation effect of volunteer incentive policies under the guidance of two-factor incentive theory. The results find that the current policy incentives for college student volunteers basically belong to the category of hygiene factors, rather than incentives that can actually increase satisfaction. Therefore, although it can temporarily increase the volunteers'service intentions, they cannot ultimately improve the incentives. The basic goal of the policy designers, that is, to improve the level of voluntary participation of college students through various incentive measures, seems to have basically failed. The way to change the status quo is to shift the focus of policy design to the capacity building of voluntary service organizations and the cultivation of service awareness.