This study aims to address two important questions: will advertising on mobile short-form video apps jeopardize the value perception of luxury brands (RQ1), and if so, how will self-deprecating online reviews eliminate these negative effects (RQ2). An experimental design approach was employed to investigate the proposed research questions. Three experiments were conducted to test the hypotheses. SPSS was used for data analysis. The study 1 finds that compared with traditional media, advertising on mobile short-form video apps shortened the psychological distance between consumers and luxury, therefore has a more negative impact on consumers’ perception of luxury brands. The study 2 reveals that self-deprecating online reviews can eliminate the negative effects of advertising of luxury brands. On the basis of previous research, this paper proves the negative influence of social media on luxury brands in the scene of new social media-mobile short format video application. In addition, it also studies the moderating effect of online comments, especially self-deprecating comments, on consumers' perception of luxury brands. This study outlines theoretical contributions and practical implications for the luxury marketing management and made suggestions for future research in the field of luxury marketing in Social Media.