In the context of land system reform in rural China， the exit from homestead land has become an important issue for optimizing land resource allocation and promoting rural revitalization. Based on micro-level data from 6768 households in Jiangsu Province，this study uses binary logistic regression models， threshold effect models， and mediation effect models to systematically examine the formation mechanism of homestead land exit willingness from the perspectives of functional dependence and risk-bearing capacity. The results are as follows：1） Functional dependence has a significant impact on the willingness to exit. Among them， reliance on housing security and emotional attachment functions significantly inhibits the willingness to exit， while reliance on asset value function significantly stimulates the willingness. 2） Risk-bearing capacity exhibits a dual-threshold effect on farmers' willingness to withdraw from rural homesteads. When risk bearing capacity is below the first threshold value（ 43.15）， it has a negative impact on willingness to withdraw； when it is between the two thresholds， it positively promotes the willingness； and when it exceeds the second threshold value（ 68.13）， it again has a negative impact on the willingness. 3） Farmers’willingness to exit follows the mediation decision making logic of “risk bearing capacity→functional dependence→willingness to exit from rural homesteads.” When risk bearing capacity is too low， it prompts farmers to choose to retain their rural homesteads by increasing reliance on housing security functions. When risk bearing capacity is moderate， it encourages farmers to actively exit from rural homesteads by increasing reliance on asset value functions. However， when risk bearing capacity is excessively high， it negatively affects the willingness to exit by increasing reliance on emotional attachment. Therefore， it is recommended that the government， in formulating homestead land exit policies， should fully consider farmers' dependence on different functions and develop differentiated and refined incentive measures， strengthen farmers' risk management capacity training， improve their risk bearing capacity， and guide farmers to actively participate in homestead land exit decisions based on a full understanding of their own conditions and risk tolerance，so as to promote the rational flow and efficient utilization of rural homestead resources.