Developing new rural collective economy and modernizing the collective economy is an important way to realize rural revitalization and common prosperity. In the process of steadily promoting the reform of rural collective property rights system，the development of rural collective economy has achieved phased results and created foundations for the development of new rural collective economy. At present，the development of rural collective economy is in an important strategic opportunity period. During the period of deepening rural reforms and promoting an integrated development of urban and rural areas，the compatibility of collective economy and market economy remains challenging. The new rural collective economy which can be categorized in business-oriented and service-oriented types has been facing several organizational and institutional challenges in realizing clear property rights，rational governance structure，sound operation mode and reasonable income distribution. In order to promote a high-quality development of new rural collective economy under the conditions of socialist market economy and enhance the market competitiveness of rural collective economy，it is necessary to further improve the governance mechanisms of collective economic organizations and their interest linkage mechanisms，promote a sustainable development of rural collective economy and explore new models and paths to enlarge space for its transformation and the realization of common prosperity in rural areas.