The “four subsidies” policy takes an important position in Chinas agricultural subsidy policies and makes significant contribution for the development of agriculture in China. This paper reviewed the recent implementation status of “four subsidies” policy and found existing problems including inadequate understanding, insufficient coordination, policy effect reducing, and lacking of law for agricultural subsidy implementation. This paper also put forward suggestions as continuous increasing investment on agricultural subsidies, optimizing the expenditure structure of agricultural subsidies, supporting innovation about agricultural subsidies, strengthening performance management in agricultural subsidies, and accelerating the construction of legal system for agricultural subsidies, so as to provide policy references for the on-going reform of agricultural subsidy in China, and to build a more scientific and rational policy system of agricultural subsidies.