This paper analyzes the development status of Chinese agricultural product virtual water strategy after her accession to the WTO, makes a quantitative research from the production, consumption and trade, and summarizes the water resources allocation in the structure and development of agricultural products in China. The results show that China consumes large quantity of water in production and consumption of agricultural products, and the implementation of virtual water trade promotes the conservation of water resources to a certain extent from 2002 to 2011; that rice, fruit and corn rank, the top three in water consumption of agricultural production, belong to the water sparse commodity, and their production in China has comparative advantage, however, soybeans and vegetable oil belong to water intensive commodity, their output is less, most of which need importing from abroad, and have high dependence on foreign trade; the virtual water consumption gap between urban and rural residents is gradually narrowing, and the scope of consumption also tends to be more diversified.