Since the household contract responsibility system has been established,the reform of rural land system always follows the path of institutional change of self-improvement of land contract management right. Currently, the deepening differentiation of farmers makes the function of self-adjustment of the land contract management right difficult. "separating rural land ownership rights, contract rights, and management rights" comply with the trend of land rights division, and beyond the path dependence of farmland system change,opened up a new way to explore the third right of rural land. However, the third right made by "separating rural land ownership rights, contract rights, and management rights"-land management right has theoretical defects, it's not fully reflect the diversified interests for various main of rural land use market. Continue exploring the third right of rural land, the basic way for market utilization of rural land-lease should be the normative cornerstone, at the same time multiple legitimate interests become the normative purposes. Leasehold of rural land could be shaped as independent right, it will replace land management right as the third kind of right. Maintain the property right of leasehold of rural land,on the basis of the consensus of the parties concerned in the lease of rural land, the right to lease rural land shall be given validity of real right after being registered according to law.