This article expounds the connotation of balanced development of “industrialization, urbanization and agricultural modernization”, and points out the problems thwarting balanced development of “industrialization, urbanization and agricultural modernization” in Henan Province as follows: the level of industrialization is not high; the general level of urbanization is low; the agricultural foundation is weak and there are many institutional barriers. The goal of balanced development of “industrialization, urbanization and agricultural modernization” in Henan Province is to take a road of industrialization and urbanization, not at the expense of agriculture and food. Based on this, the measures are put forward for balanced development of “industrialization, urbanization and agricultural modernization” in Henan Province as follows: keep to the new road of industrialization with characteristics of Henan Province, promote the development of industry and accelerate the transformation of pattern; keep to the road of new urbanization with characteristics of Henan Province, and promote the rapid change in urban development pattern; adhere to the road of agricultural modernization with characteristics of Henan Province, and promote the rapid change in pattern of agricultural development.