Abstract: The farmland transfer is an inevitable choice for the realization of agricultural modernization. Based on the internal and external constraints of farmland transfer, this paper analyzes the impact of farmers ’livelihood capital and factor flowing decisions on farmland transfer. Based on the CFPS survey data, the MVP model is used to empirically test that the impact of farmer households' livelihood capital on farmland transfer and the impact of other livelihood factor allocation behaviors on farmland transfer. The results show that: ① natural capital, physical capital and financial capital can promote the farmland transfer-in and inhibit the transfer-out; human capital can promote the transfer-out and inhibit the transfer-in; social capital has a positive impact on the transfer-in and transfer-out of farmland.②Natural and physical capital can inhibit the transfer of labor, while human, financial and social capital can promote the transfer of labor; natural and social capital will inhibit the purchase of mechanical services, while human, physical and financial capital will promote the purchase of mechanical services.③farmers' farmland transfer behavior is not only restricted by their own livelihood capital, but also affected by the allocation behaviors of other livelihood factor. Farmers' labor transfer will promote farmers' transfer out of farmland and inhibit farmland transfer in; farmers' purchase of mechanized services will inhibit the farmland transfer out and promote the transfer in. Finally, in order to improve the development of farmland transfer market, the paper puts forward the policy enlightenment of improving the management and service system of farmland transfer, improving the livelihood capital of farmers, and improving the relevant factor market.