At present, China has entered the Age of Industry-financed agriculture. The financial subsidies of central government have become an important factor in agricultural development. Given the present condition of weak financial, the local government is inclined to unwarranted diversion of resources from designated uses. In this Article, it uses game theory knowledge, through the creation of game model to analyze the relationship between national, agricultural policy supervisory authority and the local agricultural sector. Game analysis of agricultural subsidies will bring some suggestions for improving the monitoring of agricultural subsidy mechanism.