The sustainable development of the new-type rural collective economy is the inherent requirement of the all-round revitalization of the countryside. Taking Qingyishan Town, Kuandian County, a mountainous area in eastern Liaoning province, as the object of study, this paper analyzed the current situation of the new-type collective economy in rural area, the way to advance it, and the predicament it faces, and identified some countermeasures for its sustainable development. Results show that, under the guidance and help of the local government and all social circles, Qingyishan town made a total of 5,815,400 yuan from 2017 to 2022. The average annual income in collective operating income per village was 107,700 yuan from the original zero income. The new rural collective economy has achieved rapid growth and quality of effective improvement. Village leaders and villagers in Qingyishan town were actively taking actions to explore diversified development paths of collective economy according to local conditions, mainly including contract operation, leading enterprises, enclave economy, independent operation, and collective asset leasing. The new rural collective economy is thriving. However, the new-type collective economic development foundation is still relatively weak and faces some challenges, including the lack of high-quality leaders, weak “Blood-generating” ability, aging of the left-behind villagers, and limited source of funds. Therefore, this paper puts forward some countermeasures and suggestions, including insisting on scientific development, giving a full play to the leading role of village party secretary, activating endogenous development momentum, perfecting the mechanism of attracting talents, cultivating talents, and gathering help.