This paper uses a 10 years monitoring data set of 100 counties to examine the process, implementation and impacts of China’s Conversion of Cropland to Forests Program (CCFP). A theoretical framework was constructed to explain the development of CCFG. We find that CCFG was originate from economic growth and will fulfill its goal by economic growth as it closely linked with rural poverty; Constrains such as income decline will finally be solved along with policy adjustment and economic growth; Huge amount of subsidies had been successfully delivered to farmers under strong administration and innovative policy; due to incentive incompatibility between farmers’ private interests and public benefit, we assume that CCFG only achieved second best ecological goals, but a better sustainability. The policy still faces many uncertainties due to climate change, rural development progress, et al.