Taking 400 land-lost farmers in the suburbs of Ji’nan as a sample，with 60 farmers and 60 citizens as reference，the paper researches on the existence of “happiness paradox” in the suburban land-lost farmers. The results show that：（1）there is a more obvious “happiness paradox” in the suburban land lost farmers，that is to say that under the premise that the family net income of the land lost farmers in the suburbs is significantly improved，the subjective well-being of the farmers has not only improved，but showed a significant decrease；（2）hierarchical regression analysis showed that the sense of fairness is the key variables affecting landless farmers’subjective well-being；（3）it is found that the causes of income unfairness in three aspects through a case analysis. One is the “reference point” “jealousy effect” （jealousy effect）or “position effect” （status effect）；two is the loss of “land” strong “endowment effect” loss of sense；the three is the land of the “irreplaceable” and the security of the lack of a sense of security.