The rural social security system is considered as an effective way to promote the upgrading of rural households’ consumption structure. Based on a micro survey data of the CFPS in 2012 and 2018 and applying the Precautionary Savings Theory, this paper analyzed the impact of the New Rural Social Pension Program (NRSPP) on the upgrading of the rural households’ consumption structure by the PSM-DID model and explored the mechanism of the NRSPP on the upgrading of the rural households’ consumption structure by the Mediating Effect Model. Results show that from 2012 to 2018, the Engel coefficient of insured farmers decreased by 0.097 units, and that of uninsured farmers decreased by 0.018 units. The gap is significantly smaller than that of insured farmers. The implementation of the NRSPP can significantly promote the upgrading of rural households’ consumption structure. As an important channel for the NRSPP to affect the upgrading of rural households’ consumption structure, the mediating effect accounts for 15.3%. In addition, compared with elderly farmers, the NRSPP has a more significant effect on the upgrading of the consumption structure of young and middle-aged farmers. At the same time, in terms of regional differences, the NRSPP is more conducive to promoting the upgrading of rural households’ consumption structure in western region. Therefore, to promote the economic development of rural areas, this paper suggests: to continue to promote the coverage and the depth of the NRSPP, to scientifically and rationally improve the level of rural social security, to implement the NRSPP according to local conditions, to continue to explore the integration of urban and rural basic endowment insurance, and to ultimately promote the upgrading of the rural households’ consumption structure.