With the prevalence of online take-out food, the increasingly generated single-use plastic packaging waste has aroused public concern in the context of combating plastic pollution globally. The majority of present studies have focused on product design and policy design to influence the corporate behaviors in packaging waste management. Few attentions have been concentrated on consumer perceptions, a neglected vital factor in commercial practices, which determines whether the proposed measures can be effectively applied. This study takes college students, the main consumer group of take-out who are most likely to receive new environmental protection concepts, as a case study and employs the contingent valuation method to investigate their perceptions and behaviors toward emerging plastic packaging reduction approaches and taxation mechanisms. It was found that packaging circulation was preferred mostly with a proportion of 73.20% of the respondents, while taxation mechanism was more favored by those who have higher daily expenditure on meals. Gender, living costs and ordering frequency could significantly influence the acceptance levels. Therefore, a circulation mechanism using cabinet near take-out food hot spots and third-party cleaning services could target students and officers as pioneers. Regarding the taxation approach, it was suggested that the payment that most of the respondents could accept is 1.5 CNY. This study serves as a reference for the reduction of plastic waste from take-out packaging on campus, and provides a possible model that could reduce the environmental impacts of take-out food packaging through both taxation and circulation measures. The findings are expected to bring primary insights for take-out food plastic packaging reduction in China. For future studies, the methodology of this study was also well-prepared to investigate a larger scale of consumers and develop a more universal policy.