At present, universities have insufficient response capacity in the face of emergency management, which is related to the lack of identification of critical factors. Combined with the typical emergencies that have occurred in colleges and universities and the current new crown epidemic, the applicability level of prospect theory in the emergency decision-making ability of the university student management team is analyzed, and then the current situation of the decision-making ability of the student management team is analyzed in three aspects: emergency prevention, handling during the event, and recovery after the event. Based on this, a study on the emergency management decision-making ability of the student management team of colleges and universities is proposed. This method fully considers the decision-making psychology and knowledge structure of the evaluators. It puts forward decision-making suggestions for improving the emergency decision-making management organization, improving the emergency decision-making system, preventing emergency network public opinion, improving the work plan, standardizing the emergency management decision-making procedures, smoothing the emergency information channel, summarizing the work after the fact, and restoring campus order.