Poverty eradication is one of the global challenges, and land transfer provides an effective path to address farmers’ poverty; however, the effect of poverty reduction can show heterogeneity depending on the location, household, and head of household. This study employs the propensity value matching technique to compare the effects of the land transfer on the future alleviation of poverty among farm households, based on the vulnerability as expected poverty, using data from 4608 household tracking surveys. The findings point to the following: In general, rural land transfers can significantly lessen farm households’ VEP. In terms of regional variations, the positive effects of land transfers on farm households’ VEP are mainly in the west. In terms of the differences among households, it was found that land transfers contribute to lower VEP for non-poor, non-financing-constrained, and government-subsidized farm households. With regard to differences in household headship, land transfers have abating effects on the VEP of self-employed heads of farm households. The results of the study can provide a useful reference for policy-making on land management and poverty reduction among farmers