According to spot sampling data, the differenceindifference analysis method is used to evaluate the effect of Tianjin Huaming’s “exchange of a residential site for an apartment” on the employment and income of the targeted peasants and the results show that the rate of the unemployed labors who have working desire rises from 9 percent to 14 percent in Huaming Town after the exchange, that the policy of “exchange of a residential site for an apartment” does not raise the income of targeted peasants, on the contrary, the policy makes the income of the peasants lower than before, however, the majority of the peasants feel satisfied with the life after the exchange. In the rapid process of urbanization, the employment of the peasants who lost their land must be solved. The employment is also the most serious and the most urgent problem which needs to be solved in Huaming Town and the governments should accelerate “three districts association” construction and emphatically perfect employment promotion measures.