The newly revised Rural Land Contract Law provides an effective approach to the introduction of the policy of "separation of three rights", but it still needs to be further clarified and refined. The Civil Code should take the responsibility of repairing. The land contract right in the policy of "separation of three rights" is not the qualification right of land contract, nor a new usufructuary right without identity restriction. Taking the legislation of the compilation of real rights of the Civil Code as an opportunity, we can achieve the policy goal of "separation of three rights" by improving the existing system of usufructuary right, that is, the right to contract and manage land. Based on rural producing and living tradition of "integration of family and land" and based on the consideration of stabilizing land contract and management right, the subject of land contract and management right should be limited to peasant households. The land contract and management rights enjoyed by non-peasant households in the operation of "barren mountains, barren ditches, barren hills and barren beaches" should be separated and included in the scope of land management rights that can be registered and strengthened for protection. Land management right is an obligatory right specially protected by law. It is suggested that the ownership of land management right with a circulation period of more than five years can be registered and thus entrusts it with the effectiveness of confrontation, which can meet the requirements of stability of rights and credibility. The land contract and management right has the function of mortgage, the object of which is the land management right. The land contract and management right cannot be mortgaged due to its identity limitation.