Improving the equity of urban public green space is crucial for residents’ well-being and is a key objective in green space planning. While most existing studies focus primarily on the spatial distribution characteristics of green space resources, fewer explore the mechanisms influencing residents’ subjective perceptions and preferences. This study, based on a survey of 1419 residents in Hunan Province, constructs a structural equation model (SEM) to investigate the impact of the unequal distribution of urban public green space on residents’ happiness, mediated by social–psychological factors such as environmental perception, sense of security, and neighborhood cohesion. Additionally, a random forest (RF) algorithm is employed to identify the main factors influencing residents’ green space usage preferences. The results demonstrate that equity in green space distribution significantly influences residents’ happiness through environmental perception (path coefficient γ = 0.744, p = 0.001), security (γ = 0.664, p = 0.001), and neighborhood cohesion (γ = 0.830, p = 0.001). Key factors influencing residents’ preferences for green space use include age, housing prices, and walkability, with walkability contributing 17.5%, green space equity contributing 11.0%, and age contributing 10.2% to the frequency of green space use. These findings are critical for developing fairer and more effective urban green space policies, contributing to the creation of a more sustainable, equitable, and satisfying urban environment.
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