China has established basic old-age insurance, basic medical insurance and minimum living security system for farmers when they were passively involved in the market economy and the traditional land security could no longer shelter farmers from the risks of life. However, the existing system is insufficient to ensure that farmers will not fall into poverty when they encounter life risks, especially serious diseases and natural disasters. The state needs to further increase financial investment in the rural social security system and improve farmers’ social security benefits to achieve common prosperity, attract more migrant workers to return to their hometowns and revitalize the countryside, and enable farmers to share the fruits of economic and social development with the people of the whole country and live a better life.