The modern Chinese agricultural cooperative finance system influenced the development of rural economy and society at that time, but did not achieve the expected effect. This paper explores the evolution of agricultural cooperative finance system in the modern China from a perspective of the relationship between state and society, and tries to show the picture of modern Chinese agricultural cooperative finance from a perspective of institution evolution. It arrives at the following results:firstly, agricultural cooperative finance in modern China experienced three different system models, namely society-guided and peasant-self-acted system during the period of the Beiyang government, state-and-society-guided and society-self-acted system at earlier stage of the Nationalist government in Nanjing, and state-driven & passive-peasant-based system at later stage of the Nationalist government in Nanjing; secondly, these three system modes played a role in the alleviation of rural finance depletion, fighting against traditional usury and the promotion of rural economic development, but resulting paradox of cooperative finance led to the deviation of modern Chinese cooperation finance system from grassroots finance and failed at last. It provides a certain historical reference for current construction of appropriate new-type rural financial system.