As a welfare-oriented resource that is distributed nationally, the rural homestead with collective ownership cannot enter the formal market due to lack of innate property rights. Under the socialist market economy, it has gradually become a notable problem impeding the free flow of urban and rural land resources and restricting newtype urbanization and rural revitalization. On the basis of the separation of land ownership and use rights, the current reform of the "tripartite-based rural homestead system" continues to maintain the public ownership of homesteads by means of the collective ownership of land and increases the membership of collective economic organizations to make homesteads as guarantee for rural families’ assets and income rights. It attempts to release the restrictions on the use right of homesteads and make them accessible to the market, to achieve their capitalization. Based on the three clues of academic research, institutional evolution, and reform practice respectively, this paper studies the logical relationship between resources, assets, and capital. By observing and analyzing the phenomenon of rural homesteads, it aims to resolve the phenomenon of "urbanization characterized by ‘amphibious’ population," and explores a way for an upcoming rural-homestead system reform in the 14 th Five-Year Plan period.