The “Double Reduction” policy in China was introduced to reduce the academic burden of primary and secondary school students, ease their parents’ education anxiety, enhance education equity, and curb the phenomenon of education involution. A survey was conducted on 271 parents using the items of “Double Reduction” policy understanding level, subjective family social class, and education involution as well as the scales of anxiety about learning attitudes and school admission, as well as perception of education equity. The results showed that: (1) education anxiety acted as a significant mediator between parents’ understanding of the “Double Reduction” policy and their perception of education involution, with the full mediation of anxiety about school admission outperforming anxiety about learning attitudes and (2) the more parents understand about the “Double Reduction” policy, the higher their perceived education equity. In the initial stage of the “Double Reduction” policy implementation, a survey of parents’ education anxiety and their perception of the policy effect can gain an effective glimpse into the outcomes of the policy execution, especially in alleviating the education involution, observe the impact pathways that influence education involution, and provide adjustment and improvement for the “Double Reduction” operation in time.