Live video streaming has been a global economic and social phenomenon in recent years. Many streaming platforms such as Twitch and YouTube Live have been founded and demonstrated unprecedented growth across the world. Yet, researchers have paid insufficient attention to understanding the massive participation behavior exhibited by live video streaming audiences. Based on social identity theory, this paper aims to explain audiences’ continuous watching behavior intention via a dual identification framework including identifications with streaming broadcasters and audience groups. Analysis of data collected from two live streaming platforms in mainland China indicates that audiences’ identification with broadcasters and audience groups are positively associated with their continuous watching intention. Broadcaster identification is driven by individual experience including experience of parasocial interaction, actual and ideal self-congruity, whereas group identification is enhanced by co-experience consisting of participation, cognitive communion, and resonant contagion. In addition, live streaming genres partially moderate the impact of identification on continuous watching intention. Theoretical and practical implications as well as limitations and suggestions for future research are provided.