The historical changes of China’s rural land system show that the allocation of rural land rights, as the most important agricultural production relationship, has a huge effect on the development of productivity. The essence of the rural land system is the allocation of rights. At this stage, China’s agricultural development is facing a series of challenges such as agricultural modernization, food security issues and arable land issues, and the reform of the rural land system is imperative, of which the focus is still on the enrichment and deepening of rural land rights. Based on this, the decisive role of the market in the allocation of rights is introduced and brought into play. While striving for development and efficiency, attention must also be paid to the security function and fair value of rural land.