Abstract: The Agricultural Science Technology Achievements Transformation Fund (ASTATF) in Hunan Province has seen promising achievements in terms of promoting science and technology factors to rural areas, accelerating the adjustment and upgrading of agricultural industry structure, and channeling social funds to science and technology achievements transformation. This paper analyzed the progress and effectiveness of implementation of the ASTATF in Hunan from 2006 to 2011, discussed the problems during the implementation process, and therefore contributed to better management of the projects. Studies on Hunan province showed that 116 projects worth of 79.70 million yuan were launched, which, produced a direct economic value of 9.527 billion yuan, making a significant contribution to the agricultural output. There were, however, a few problems during the implementation process such as insufficient capital on technology transformation and lack of effective platform for transformation. Responding to these problems, this paper provided some suggestions on the future operation of ASTATF in Hunan, including the establishment of a sound investment mechanism and a stable agricultural fund investment, formation of transformation service platforms and enhancement of transformation effect, improvement of the management system and supervision, and advancement of the achievement transformation policies and optimization of grassroots service system.