Abstract: Both event and parameter uncertainty seems highly relevant in many aspects of financial decision-making.This paper explores the effects of such uncertainty and event risk on dynamic portfolio,in parocular,the implication of jumps in prices and volatility on investment strategies for major events often trigger abrupt changes in stock prices and volatility when a robust investor worries uncertainty in stock market.With the model specifications and robust investors,The results show that investors minimize the specification errors and then select an optimal dynamic portfolio to maximize their utilities,prove that robustness dramatically decreases the portfolio demand of equity when agents are risk aversion and uncertainty aversion.