The reform of target price subsidy policy for soybean is an important initiative for the reform of China’s agricultural subsidy system.Using a large sample of panel data from fixed observation points in rural areas of China，this paper analyzes the impact of the reform of the target price subsidy policy on farmers’ total factor productivity（TFP） of soybean on the basis of measuring farmers’ TFP of soybean.The results show that from 2003 to 2019，China’s TFP of soybean increased annually，but the growth rate was relatively low，with an average annual growth rate of 0.834%.The subsidy policy reform can significantly increase the TFP of soybean，but there is obvious temporal heterogeneity，and the impact shows a rising trend year by year.The effect of subsidy policy reform is more significant for farmers with larger planting scale，non-pure soybean planting，and lower degree of part-time business.The results of unconditional quartile indicate that there is a marginal incremental effect of the impact of subsidy policy reform on the TFP of soybean.The subsidy policy reform will increase the TFP of soybeans by promoting the enthusiasm for productive investment of farmers，improving the level of land resource allocation，and fostering the appropriate scale of operation.It is proposed to adhere to the direction of subsidizing soybean producers in the reform，give full play to the decisive role of the market in resource allocation.At the same time，it is necessary to increase the scale of soybean production to amplify the effect of subsidy policy reform on TFP.In addition，it is necessary to improve the targeting of policies，implement heterogeneous subsidy policies and enhance subsidy efficiency.