Based on the data of China’s Rural Revitalization Survey database in 2019，this paper empirically examines the impact of the reform of rural collective property rights system on rural residents’ well-being and its underlying mechanisms，and uses Oaxaca-Blinder decomposition method to explore the factors influencing the difference in well-being between villagers who have not completed the reform and those who have completed the reform，as well as the degree of influence of each factor.The results show that the Reform of Rural Collective Property Rights has significantly improved the well-being of rural residents.The mechanism analysis shows that the Reform of Rural Collective Property Rights can improve the well-being of rural residents by strengthening the development of village collective economy and reducing the number of family members going out to work.Further heterogeneity analysis shows that the reform has a more significant effect on the well-being of low - and middle-income households that used to be documented as poor.In combination with the results of Oaxaca-Blinder decomposition and the policy intervention in the process of rural collective property system reform，enhancing farmers’ trust in village cadres and improving the supply of public security goods are important reasons for reducing the difference between the two groups of villagers’ well-being.The research findings of this paper provide not only evaluation of the effect of the Reform of Rural Collective Property Rights on the whole，but also more targeted guidance for further promoting the rural collective property system reform.