Long term of grain production subsidy policy can be guaranteed only with sound and sustainable development of economy, stable growth of fiscal revenues, and improvement of subsidy system. In combination with social survey, this paper analyzed after-effects of direct subsidies for grain production in China from pressure of grain production subsidies on central finance and local finance, consequence possibly brought about by classified bearing of direct subsidies for grain production, effectiveness of direct subsidies on stimulating grain production, and effect of direct subsidies on production of other agricultural products. It is concluded that direct subsidies for grain production should be shifted to direct subsides for agricultural production, which will be the reform and development trend of financial support for agriculture.