Capital to the countryside is the inevitable trend of urban-rural integration development and the internal requirements of rural revitalization.Using theoretical analysis and case analysis,this paper studies the impact of capital to the countryside on farmers’ livelihood and the construction of farmers’ sustainable livelihood model.The results shows that:Capital going to the countryside has both positive and negative effects on the farmers’ livelihood environment and the formation of farmers’ livelihood capital; the farmers’ livelihood in rural areas is affected by many factors such as capital scale,capital embeddedness,regional characteristics,policy environment,and role orientation of grassroots government.The construction of farmers’ sustainable livelihood mode depends on strengthening the embeddedness of social structure of capital,realizing the optimization and benign interaction of capital scale and structure,enhancing the matching degree of benefit connection model and regional conditions,optimizing the policy environment,and clarifying the role of grass-roots government positioning,etc.to achieve structural and institutional changes.