It is of great significance to optimize the allocation of farmland property rights for ensuring grain security. Based on a survey data of 1 385 households and applying the theoretical framework of whether farmland property rights are transferred from farmers with weak production capacity to farmers with comparative advantages to reduce the rent dissipation, this paper explored whether or not the whole agricultural production trusteeship can optimize the allocation of farmland subdivision management rights by the SFA and the Probit models and examined the positive effect of the whole agricultural production trusteeship on the utilization rate of farmland by the PSM model. Results show that, the whole agricultural production trusteeship can optimize the allocation of farmland administration right and operation right among farmers and solve the distortion and efficiency loss of farmland allocation caused by policies, imperfect land transfer market, farmers’ personal preferences for land tenure, and other reasons. In terms of the reallocation effect of farmland subdivision management rights, whether compared with the production form of service internalization or the production form of accepting decentralized outsourcing services, the whole agricultural production trusteeship can optimize the input and output of farmland. The more thoroughly the weak productive farmers transfer out farmland administration right and operation right, the greater the degree of optimization of the input and output of farmland. The optimization degree of the whole agricultural production trusteeship on the input and output of corn farmland is greater than that of soybean farmland. Therefore, this paper provides the following suggestions: preventing trusteeship organizations from building large households, building "reassuring mechanism" to reduce the obstacles encountered by farmers with weak production capacity in participating in trusteeship, and guiding the expansion of soybean trusteeship service scale and the improvement of service technology.