Current status of several management models of the agriculture industry is introduced, as well as its impacts on industrial security. The management models are mainly the enterprise-like operation model, “enterprise + peasant household” model, small-scale peasants’ operation model, and peasant specialized cooperative model. Functions of peasant specialized cooperative in ensuring the security of agricultural industry are introduced, which are enhancing the industrial security by organization degree, promoting the industrial security by scale economy formed by cooperative organizations, fully utilizing the resources by the factor allocation capability, and ensuring the industrial security by industrial chain improvement. Development predicaments of the peasant specialized cooperative at present are analyzed, such as small scale, poor economic benefits, and non-standard operation. Analysis shows that institutional absence is the main reason causing these predicaments. And suggestions on improving the cooperatives system in the Law of the People’s Republic of China on Peasants Specialized Cooperatives are put forward, in order to better ensure the security of agriculture industry