Based on the theory of property rights and power, we define the right of collective land ownership income and its value in the current legal framework of China. We obtain the following main conclusions: The right of collective land ownership income is important legal forms for realizing the ownership of collective land ownership in China, the right of collective land ownership income still has an important system values in contemporary China, and the lack of the right systems of collective land ownership income restricts the development of rural collective economy, affects the function of collective distribution adjustment and the growth of farmers' property income, blocks the development of the theoris of rural land rights with Chinese characteristics. This paper further studies the basic path of the reform of the system of collective land ownership income, and the right system to promote the collective's right of collective land ownership income and collective members' right of collective land ownership income.