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The role of party polarization in political participation lies in question. Previous research finds mixed evidence as to the issue. Bases on observation of a parallel growing of party polarization and voter turnout in Hong Kong, this study suggests a moderated mediation model to explain voting behaviors in a polarized party system. With a representative sample, results reveal the positive association between perceived party polarization and political learning which is manifested in acquisition of political knowledge and political self-efficacy, and increased voter turnout subsequently. Furthermore, the mediation process is found to be partly moderated by individual’s exposure to political information. Findings suggest that feelings of political self-efficacy serve as moderated mediators, and that levels of political knowledge solely functions as a mediator whose value is not contingent upon levels of political information exposure. These findings are discussed in the context of party polarization and Hong Kong’s democratization under “one country, two systems” arrangement.