Abstract: Risk preference affects individual decision-making behaviors. Studying the risk preference heterogeneity of policymakers and main participating farmers of farmland fallowing practice is of great significance for guiding different types of farmers to participate in farmland fallowing and for promoting the implementation of farmland fallowing policy. Based on a survey data of 683 farmers from Baiyin City of Gansu Province, Changsha City and Zhuzhou City of Hunan Province, and Hengshui City of Hebei Province, this paper analyzed the influences of farmers’ risk preference heterogeneity on their fallowing decision behaviors. Results show that: 1) Risk-averse farmers accounted for a higher proportion than risk-preference farmers; 2) Risk-preference farmers were more willing to adopt farmland fallowing practice than risk-averse farmers; and 3) Among risk-averse farmers, the adoption behaviors of farmland fallowing practice were negatively related to the degree of the risk-averse. In addition, this research also finds that the structure of the labor force of a household, household income, and their cognition of the farmland fallowing policy have some influences on farmers’ fallowing adoption behaviors. Therefore, this paper suggests that the government should form and implement some measures to increase farmers’ enthusiasm for participating in the farmland fallowing programs by developing policy-type insurance products of farmland fallowing, constructing a linkage mechanism between farmland fallowing and the employment security of rural labors, and raising farmers’ awareness of the risks in farmland fallowing.