This paper based on the rational screening of control variables and the calculation of the household’s livelihood capital level, using the two panel data of CFPS, employs the DID and OLS model to analyze the influence of farmland renting-out on households" livelihood capital. The results reveal that, the farmland renting-out has a significant negative impact on the natural capital and social capital of the peasant family, but it has a significant positive impact on its physical capital, financial capital and human capital. The changes in the livelihood capital of farmers are not all due to the farmland renting-out, but also by household and community characteristics such as the degree of education of the head of the household, the size of the family and the level of local economic development. Further research shows that the larger the scale of the farmland renting-out, the higher the level of material capital and financial capital of farmers, and the more obvious the decline of their natural capital and social capital. Therefore, the development of the livelihood of the transferred family still has an adaptation process after the farmland renting-out, and it needs to be assisted in many ways to further improve its livelihood. Based on the above findings, the countermeasures and suggestions for cultivating the livelihood capital of transferred households and promoting the transformation of livelihoods are proposed.