The compensation for the contracted land quitted by the farmers who left the countryside is the deserved compensation for utility-value loss from their quitted legal land rights, is the objective requirement for the intrinsic motion of the farmers who quit their contracted land and is conducive to boost urbanization and agricultural modernization. Currently, the exploration on the compensation of the contracted land has such problems as unclear compensation basis, unreasonable compensation composition, and insufficient compensation funds and so on in the process of pilot overall urban and rural development reform. Because the compensation for the contracted land quitted by the farmers who left the countryside is the compensation for the all utility-loss for the rights of the contracted land and should contain the compensation for “production resources value”, “security value”, “assets expectation value” and “other value” of the contracted land. Because there is big difference in different parts of China in the perspective of the degree for leaving the countryside and the types for leaving the countryside, presently, the different compensation policies for the contracted land quitted by the farmers who left the countryside should be set up based on different situations and different types.