Aiming at the situation that the dynamic adjustment of reference points under the impact of decision makers' emotions may lead to different decision-making results, a multi-stage emergency decision-making method with emotion updating mechanism of decision-makers is proposed. Firstly, the multi-stage emergency decision-making problem under emergencies is described, and the relevant decision-making information is described in the form of intuitionistic fuzzy numbers. And a setting method of dynamic reference points under the impact of decision makers' emotions is given, and the cumulative prospect theory is used to calculate the scenario value of each evolutionary stage of emergencies, thereby an emotion updating mechanism is developed. Then, the scenario weights of each stage are calculated, and the prospect values of alternatives at each stage are calculated according to the expected values, input costs and start-up time values of the alternatives. Furthermore, by giving a calculation method of the weight of each stage, the overall values of the alternatives are calculated and the ranking of the alternatives is given. Finally, the effectiveness of the proposed method is verified by a numerical example and comparison with other methods.