This study investigates the impact of theory of mind, anticipated emotions before actual behavior, and consequential emotions following the behavior on sharing and allocation behavior in 4-6-year-old children. In Experiment 1, 95 children were randomly assigned to three conditions (external emotion expectancy condition, internal emotion expectancy condition, and control condition) to explore the role of cognition and emotions in children's sharing and allocation behaviors. Experiment 2 employed a dictator game to further validate the influence of theory of mind and consequential emotions on behavior. The findings indicated that both anticipated and consequential emotions influence sharing behavior, but neither serves as a key predictor of allocation behavior. Theory of mind influences children's sharing behavior and is related to the fairness of allocation. Children with higher levels of theory of mind tend to rate consequential emotions more positively, while those with lower ratings of consequential emotions are more likely to reconsider sharing after reflection. Notably, theory of mind and emotional factors demonstrate distinct motivational effects on children's prosocial sharing and resource allocation, with negative emotions exhibiting a more pronounced impact on decision-making processes.