Field research limits the possibility of clarifying the current food waste situation in China. Material flow analysis was used to assess the magnitude and characteristics of waste in five stages from 2010–2019 by seven selected types. Wheat was wasted the most at 38%, while milk was wasted the least at 4%. During post-harvest handling and storage, processing and packaging, and consumption, wheat was wasted the most (56%, 36%, and 48%), while during production and marketing, tomatoes were wasted the most (28% and 25%). Wheat, apples, tomatoes, pork, and milk were wasted the most in consumption, while soybeans were wasted the most in processing and packaging, and freshwater fish were wasted the most in production. A scenarios hypothesis proved that a 5% reduction in each stage would reduce import demand for soybeans by 7%. This study provides a data reference and theoretical basis for food waste intervention and food security strategies.