Abstract: The livelihood issues of land-lost farmers are related to the overall situation of social stability and economic development. Therefore, it is of great practical significance to discuss the impact of land acquisition on the changes of rural household income. Based on the 2013National Household Income Survey Data (CHIP), completed by the China Institute for Income Distribution of Beijing Normal University, the National Bureau of Statistics, and related universities and research institutions at home and abroad, this paper empirically analyzes the income effects of land acquisition on farmers from the perspectives of land acquisition time and regional differences using the propensity score matching model (PSM). Results show that land acquisition can significantly increase farmers’ income if not considering land acquisition time and regional differences in the samples. The average income of land-expropriated farmers is significantly increased by 3 151 yuan. However, the simple mean comparison analysis overestimates the effect of land acquisition on farmers’ income increase. From the time difference of the sample, the effect of land acquisition on the income of farmers showed a trend of “first drop and then rise” over time. The longer the time period of land acquisition, the more obvious the effect of farmers’ income increases, and the net effect of the total income is gradually increased from 2 632 yuan to 5 257 yuan. From the regional difference of the samples, the effect of land expropriation on the income increase of farmers shows obvious regional differences. The regional land acquisition with different levels of economic development has different changes of farmers’ income, while the effect of land acquisition on farmers in the eastern region has increased. Most obviously, land acquisition in the central and western regions does not significantly increase farmers’ income. In order to effectively increase the income of land-expropriated farmers in the central and western regions of China, it is necessary to continue to improve the “Three Rights Division” system for agricultural land, to encourage idle agricultural land to be transferred, to provide various forms of employment skill trainings, to appropriately increase the compensation rates for land acquisition and adopt a diversified compensation method.