Current measurement methods for rural financial development level can not directly embody the financial support situation for “agricultural households”, “peasants” and “agriculture” by rural finance, can not reflect the quality and sustainability of rural financial development and do not consider the demanding features of the rural finance at different economic development stages. Based on the features of the penetration, direction and sustainability of rural financial development, this paper sets up a rural financial development level composite measurement system with the “trinity” and “five indicators plus one factor”, and makes an empirical analysis and evaluation on the rural financial development level in each region. The results show that since 2006, the total level of rural financial development of China is significantly rising and there is a narrowing trend in regional gap. However, the concentration degree for rural loan distribution is rising and the proportion of the agricultural households who got the loans demonstrates the descent trend. Furthermore, the situation of rural finance with “preferring the rich but disliking the poor” is intensified. Chinese Government should pay attention to both the sustainability and the penetration in rural finance and actively push forward the organic integration between rural finance and rural industrial development as well as modern agriculture.