With the change of people's attitude towards knowledge, the knowledge Q&A community is exploring new business models to realize the full value of knowledge. The purpose of this paper aims to investigate the operation model of the new generation of Q&A community, which is represented by the Fenda and Zhihu. Based on the media richness theory, media synchronicity theory, social presence theory, resource-based view and sharing economy, this paper puts forward some characteristics of the new generation of knowledge Q&A communities that are different from the  previous Q&A communities, namely the voice form of Q&A and the reward mode of knowledge transaction. Then, based on user experience framework, this paper analyzes and compares Fenda and Zhihu from five perspectives, i.e., strategic layer, scope layer, structural layer, framework layer and presentation layer. To a certain extent, the new generation of knowledge Q&A community enhances the users’ experience during Q&A process and effectively realizes people's cognitive surplus. Finally, the authors point out several shortcomings of the two products and yield some corresponding suggestions for future improvement.