This paper aims at the research on investor decision-making behaviors in P2P lending with Probit and Tobit models of panel data collected in experiments from the perspective of rationality and sensibility. The results show that investors are rational enough to invest in the loans of large amount, short duration and high interest rate and even with more funds, that borrowers are easier to get funded and larger amount when they are similar to investors in birthplace, residence etc., but the bidding amount would be less and less with more and more similarities, and that the degree of similarities between investors and borrowers decide whether rationality or sensibility dominates in P2P lending.