Carrying out the reform of the ‘division of ownership,contract and management rights’ of rural land is the fundamental direction to the recent reform of rural land system in China. However,how to define the right relationship among the‘three rights’ and then construct the system of the ‘division of three rights’ of rural land is still a problem to be solved. This paper starts with the policy background and concept of the‘division of three rights’ of rural land,and makes a new explanation of the function of the‘division of three rights’ of rural land,and then puts forward some suggestions for constructing system of the‘division of three rights’ of rural land based on the discussion on the property and content of land contract and management rights. The study shows that,the core of the‘division of three rights’ of rural land is that rural land contractual management right is divided into land contract right and land management right,which can release a lot of function in elements,subjects,system and value. Based on the function and purpose orientation of division of land contract and management rights,we should take the property of land contract and management rights as a usufructuary and divide the right content of land contract and management rights as follows: land contract right mainly contains right of possession,right to earnings,inheritance right and exit right,and land use right mainly contains right of possession,right of use,right to earnings and right of disposition. According to this,constructing the system of the‘division of three rights’ of rural land should be based on the national condition and rural real in China,and strictly adhere to some basic principles and bottom lines,which is a fundamental premise. On this basis,on the one hand,it should provide the land contract right and management right with legal status,set up land transfer rules for land contract right and management right respectively,and provide the mortgage of land management right with legal basis by modifying relevant laws including Law of Rural Land Contract,Law of Land Management,Law of Property,Guarantee Law,etc. On the other hand,it should strengthen policy design and policy support,such as establishing a standard mechanism for the transfer of land contract right and management right,constructing an implementation mechanism for the mortgage of land management right,establishing a mechanism of interest coordinated for the division of land contract right and management right,constructing a risk prevention mechanism for the division of land contract right and management right.