It is important to encourage people to form energy conservation habits to increase energy efficiency. The application of social psychology research paradigm in studying energy conservation behavior sheds more light on what conditions are necessary for sustained energy conservation behavior. Based on a survey of 234 college students in Beijing, this study was carried out using the VBN model as its analysis framework and a structural equation model while focusing on whether egocentric values necessarily lead to non-energy conservation behavior and whether altruistic and biospheric values inevitably lead to energy conservation behavior among college students. The following conclusions can be drawn. First, the study partially verified the basic conclusion of the VBN model, that is, values have a significant effect on energy conservation beliefs, which in turn significantly affect personal energy conservation norms. Second, energy conservation beliefs formed by altruistic and biospheric values are translated into real energy conservation norms. However, egocentric values do not significantly affect the attribution of energy conservation responsibility. Moreover, personal energy conservation norms do not translate into energy conservation behavior. Third, individual behavioral habits and external conditions do not promote the translation of personal norms into real energy conservation behavior.