Public financial policy and financial deepening policy are the important methods to increase farmer’s income,which have shown different performances.Based on 338 questionnaires from Henan province,this paper comparatively analyses the performances of both public financial policy and financial deepening policy.The result shows that under rural financial repression,public financial policy has shown small impact on increasing farmer’s income; while under equal public financial expenditure level,financial deepening policy can improve farmer’s income through increasing nonagricultural income and preventing the capital loss; Additionally,financial deepening can also decrease the incidence of rural usury and improve the impact of retention of funds on farmer’s income.Therefore,this paper points out that promoting financial deepening is the proper policy in increasing farmer’s income on the base of attracting more rural capital.