The "separation of three rights" of rural land is a major change in China's rural land system. The guiding principles of implementing collective ownership, stabilizing farmers' contracting rights and liberalizing operators' management rights objectively depict the three core stakeholders faced by policy reform. At the same time, the guarantee and implementation of policies also involve the government, society and other peripheral Abstract stakeholders. From the perspective of stakeholder theory, this paper comprehensively analyzes the interest game among the collective, farmers, operators, government and society in the implementation of the "Three Rights Separation" policy. It is found that there are risks in the implementation of the policy, such as the virtual collective function, the absence of farmers' rights protection, the limitation of agricultural land management environment, the vague role of the government, and the severe situation of agricultural land security. Suggestions are put forward to stimulate participation, smooth relief channels, improve the business environment, clarify government functions and promote social co governance, so as to improve China's land policy Provide reference.