Abstract: Based on a survey data of 483 farmers in Wuhan metropolitan areas and the decomposed theory of planned behavior (DTPB) theory, this paper constructed a structural equation model (SEM) to analyze the subjective decision-making basis of farmers’ willingness to transfer out farmland and to explore the influencing factors. Results show that: 1) The willingness was influenced by behavioral attitudes, perceived behavioral control, and perceptual control in turn; 2) Perceived risk had a negative impact on farmers’ willingness to transfer out farmland, employment security was the largest obstacle, and economic benefit was the strongest driving force for farmland transfer; 3) Farmers’ trust in their peers was significantly higher than that in their superiors; and 4) Famers’ self-decision-making ability is weak due to the unified circulation of village collectives, and this ability has no significant influence on farmers’ willingness to transfer out farmland. Therefore, to guide the orderly flow of farmland contract management rights, this paper provides the following suggestions: to build a rent system that suits local conditions, to complete the establishment of agricultural land information trading platform, to optimize the working environment, and to improve the social security system to effectively protect farmers’ right and interest.