In order to investigate the effect of moisture content on the chemical components of different types of heat-not-burn tobacco products(HNB)，cigarette A prepared using tobacco sheet by thick pulp method and cigarette B prepared using tobacco sheet by Paper making method were taken as research objects, and the correlation between moisture in cigarettes and glycerol, nicotine was studied. SEM and TG analysis were carried out. The results showed that: ① The mass contents of glycerol and nicotine in the tobacco sheet were more accurately expressed in terms of the mass content of the corresponding substances in the dry sheet. ② The amount of moisture released and the weight of particulate matter in smoke were proportional to the moisture content of cigarette, and the proportion of moisture in particulate matter was 53.33%～65.89%. ③ Affected by the heating temperature of cigarette and the properties of tobacco sheets, the release amount of glycerin from cigarette A was proportional to the moisture content of cigarette, while the release amount of glycerin from cigarette B was inversely proportional to the moisture content of cigarette. However, the release amount of nicotine from both cigarettes were the highest after 50% moisture balance. In addition, the transfer rates of moisture, glycerol and nicotine in cigarette A were significantly higher than those in cigarette B.