Abstract: The Internet has become the forefront of the formation of college students' values. Based on the complex network ecology, network populism is essentially a social trend of thought with strong negative effects, and is deeply connected with college students' values. Under the guidance and control of the new network media technology and the capital logic, the factors such as "herd effect", "flow first", "inversion of reason" and "mimicry environment" in the Internet populism trend of thought bring great challenges to the formation of college students' values. Therefore, it is necessary to use the methods of value belief strengthening, reason, media literacy education and rule of law in guiding the rational shaping of college students' values.