In recent years, the issue of numerous industrial and commercial capital flow to the countryside to operate agriculture has caused widespread social concerns and become a hot topic and key area of academic research. This paper provides a systematic review on the research findings of industrial and commercial capital flow to the countryside from the motivations, channels and models, positive impacts and negative influences on “Three Agriculture” and potential risks on China’s agriculture and countryside and farmers as well as governmental regulation. Our study shows that the academic circles have given full recognition to the positive significance of industrial and commercial capital flow to the countryside, the mainstream views support industrial and commercial capital flow into agriculture but the capital should be supervisied to prevent excessive “non-grain” and “non-agriculture” and occupating numerous land and marginalizing local farmers. Of course, the topics such as the policy of the division and differently managing of urban industrial and commercial capital and rural industrial and commercial capital as well as “non-grain” control area need to be furher studied.