The "three rights separation structure" of contracted land is an important theoretical innovation in the reform of farmland property right system in China. The main content of the reform is to carry out the ownership, to stabilize the contracted right and to release the management right. This paper clarifies the theoretical connotations of "three rights separation" by means of commentary, and analyzes the property right basis of three different types of "three rights split" practice models, namely, government leading, share cooperation and market leading, by combining with practical cases. The governance model and economic performance, and the basis of property rights of "three rights separation", the definition of property right, the relation of "three rights", the risk prevention of management right circulation and the government behavior standard in the reform of "three rights separation structure" are further discussed.