This paper explored the internet information privacy cognition of Shanghai college students. The study found that personal information was the core of the Shanghai college students’ internet information privacy cognition, followed by the status quo of social relations "structure" type; bank card number was in the core of personal information. This showed that safety was most important in people internet information privacy cognition. The internet benefits perception of Shanghai college students is higher than the internet risk perception, of having a greater impact on the cognitive internet privacy information; in the case of risk perception approaching, the more they feel the higher benefits willing transferring their personal privacy. In further study, we need more scientific research on defining and measuring the concept of network information privacy awareness. Furthermore we should introduce "trust" and other psychological factors to internet information privacy awareness.