The ever deepening population aging has brought opportunities and challenges to the continued expansion of tourism consumption in China. In this article, the impact of population aging on household tourism consumption was studied from both theoretical and empirical aspects. First, the micro mechanisms of the impact of population aging on household tourism consumption were analyzed, which include economic condition mechanism, intergenerational care mechanism, health status mechanism and Internet use mechanism. Subsequently, the impact of population aging on household tourism consumption and its impact mechanisms were tested, and the heterogeneity analysis was conducted, by using the data of China Family Panel Studies (CFPS) from 2014, 2016 and 2018. The main conclusions of the article are as follows: (1) Population aging has a significant negative impact on household tourism consumption, and a series of robustness test results such as endogenous treatment support this finding. (2) The results of the impact mechanism test show that population aging has a negative mediating effect on household tourism consumption by reducing household economic conditions. The moderating effect of intergenerational care on the effect of population aging on household tourism consumption is insignificant. Health status of the elderly and Internet use have a significant positive moderating effect on the impact of population aging on household tourism consumption. (3) The results of the heterogeneity analysis show that the negative impact of population aging on household tourism consumption in urban areas is greater than that in rural areas, and the negative impact of population aging on household tourism consumption of families with the old-old elderly is greater than that of falimies with the young-old elderly. The conclusions of this article provide important references for activating tourism consumption in China in the context of population aging.