Abstract: It is a bold attempt to pilot the commercialization reform for the regimental farms of the Xinjiang Production and Construction Corps (XPCC), which reflects the innovation of the government’s resource allocation method and deepen the marketization of the regimental farms. There is also an urgent need to cultivate new agricultural management entities and to build a new type of agricultural management system. In order to grasp the reform progress of some pilot regimental farms, to summarize the experiences and problems in the process of commercialization, and to ensure the comprehensive and continuous promotion of the commercialization reform, this paper investigated and analysed some regimental farms of the first division of the XPCC. Results show that: it has already achieved some success for the commercialization reform in the XPCC and most of the farms have established agricultural management companies, the industrial structure has been optimized, the ability of risk management has been enhanced, and the production efficiency has been improved. These achievements indicate that the commercialization reform is the correct direction to go for the regimental farms. However, because of the special system of the XPCC, it must overcome more difficulties, such as the imperfect system, indistinct duties between authority and enterprise, unreasonable distribution systems, and unclear status of the company’s attributes and employee’s attributes, leading to slow progress of the regimental farm reform. To speed up the commercialization reform for the regimental farms, this paper suggests to streamline administration and power, to change the leadership appointment system, to innovate land transfer mechanism, to give dual identities to farm employees, and to introduce and attract more private capitals.