Abstract: The process of urbanization, a large number of farmers' land has been transformed into construction land through expropriation, and the protection of the interests of the landless peasants is an important link in the realization of the strategy of "Rural Revitalization". This paper analyzes the action choices and motives of local governments and farmers in the process of land expropriation benefits distribution through the Nash bargaining theory and the full information dynamic game method. The results show that the strong position of the local government, the high maintenance cost of farmers and the lower power of rights are the results of the farmers' distribution of land expropriation interests. In the process, the benefit is less. Proposed solutions：① to establish a cooperative organization for farmers to enhance the bargaining power of farmers;② to improve the compensation standards for land expropriation and to improve the way of compensation;③ to improve the system of petition and to reduce the cost of safeguarding the rights of farmers;④ to improve the relevant laws and regulations and to standardize the behavior of the local government.

Key words: land expropriation, Nash bargaining theory, full information dynamic game