In the process of rapid urbanization and industrialization, there is a significant gap between farmers’ participation and rural homestead reorganization for the more diversified external environment. Despite considerable research focused on homestead withdrawal, the transfer of rural residential land development rights has received comparatively little attention. To realize the optimal use of rural homesteads’ resources and reducing potential living risks, this paper conducted an empirical study on the impact of farmers’ livelihood capital on their behavioral intention of rural residential land development right transfer within Wujin District as an example by incorporating the concepts of livelihood capital and risk perception into the theory of planned behavior (TPB). The results of this research show that the increase in livelihood capital may reduce the level of risk perception. The livelihood capital influences farmers’ intentions towards rural residential land development right transfer through risk perception and individual cognition. Based on the findings of this study, it is suggested to diversify livelihood strategies and improve the quality of livelihood capital, in order to reduce the constraint impact of risk perception on farmers’ behavioral intention (BI).