There is obvious urban-rural finance difference in China, which is not only embodied in its scale and structure but in its efficiency. Based on the dynamic panel-data model of different provinces in China, this paper uses the data from 29 provinces and municipalities during 1992—2009 to analyze the impact of urban and rural finance difference on urban and rural income disparity, and the results show that, under the control of other variables, urban and rural financial scale difference, structural difference and efficiency difference are positively related to urban and rural income gap, that the enlargement of urban and rural financial difference leads to further enlargement of urban and rural income gap and that the narrowing of urban and rural income gap not only needs to shrink urban and rural financial difference but also needs to specifically emphasize the development of rural economy and education cause.