Abstract: This paper, adopting the recursive multiple-priors utility with fluctuated discounting rate, studies the optimal consumption and portfolio choice in a Merton-style model with anticipation when there is a difference between ambiguity and risk. In the case of a power utility function, the paper characterizes the optimal investment which is affected by both ambiguity and anticipation. The optimal portfolio is derived in terms of backward stochastic differential equation and Malliavin derivatives.