As live streaming e-commerce matures, more e-tailers are focusing on producing top-notch live streaming content. Meanwhile, real-time interactions of live streaming can effectively reveal product information. This paper develops a supply chain with a manufacturer and an e-tailer to explore live streaming strategy and selling mode selection (reselling or agency selling) through game models. It highlights several findings. First, when the live streaming content effectively improves consumers’ perception of the product quality, i.e., the content improvement effect is strong, and the cost is not high, live streaming should be adopted. Live streaming adoption can create a triple-win situation for the manufacturer, the e-tailer, and consumers. In addition, not all products are suitable for live streaming. Live streaming is more suitable for products with a high initial informativeness. Firms should consider multiple dimensions such as product attributes and target market to choose whether to adopt live streaming. Moreover, compared with intensive product introduction, high product quality, high prices, and rich content should be the development orientation of live streaming. Furthermore, in the absence of live streaming, if the agency fee is low (high), the agency selling (reselling) mode is the only common preference of both the manufacturer and the e-tailer. The adoption of live streaming will affect the choice of selling mode. Particularly, the reselling (agency selling) mode can also be the preferred choice for both the manufacturer and the e-tailer when the agency fee is low (high).