Abstract: Guiding the land management right being shares of cooperatives is an important measure to continuously explore and enrich the realization of the “division of three rights”. In the process of the land management right being shares of cooperatives, land management right should be shaped as usufructuary right and the type of cooperative should be farmers’ professional cooperatives. The functional values of the land management right being shares of cooperatives include system implementation, element integration, food safety, and economic development. However, there are two major problems currently: lagged legal norms and defective supporting system. In the future, the land management right being shares of cooperatives should follow these principles: voluntary participation, equal negotiation right, paid circulation, collective ownership, stabile contracting, agricultural usage, reasonable time period, standard shares, and protection of rights and interests. To construct a systematic mechanism, this paper suggests to revise and perfect the current laws and regulations and to strengthen the relevant policies and supporting design from three main aspects: promoting registration system of the land management right being shares, establishing the market system, and constructing and implementing the security system on the land management right being shares.