This paper explores the classification, formation, measurement, evolution, and influencing factors of land dividends in China.It analyzes the nature of land value dividends and efficiency dividends, examines their spatio-temporal evolution, and investigates influencing factors via a regression model, providing insights for future development. The paper posits that changes in land use patterns primarily contribute to land value dividends, while efficiency dividends stem from improving land use efficiency within existing patterns. Presently, China is transitioning from a phase dominated by land value dividends to one marked by efficiency dividends. In terms of spatio-temporal dynamics, efficiency dividends display a fluctuating upward trajectory, whereas land value dividends and the overall quantity of land dividends demonstrate an initial ascent followed by a gradual decline, with the central region exhibiting the most pronounced changes. The analysis of influencing factors reveals a significant positive correlation between value dividends, the overall quantity of land dividends, and factors such as land transfer and capital investment, while efficiency dividends exhibit a significant positive correlation with urbanization. Consequently, the government should implement measures to sensibly regulate land quantity and layout, promote intensive and efficient land use, activate dormant land resources, and propel the optimization and high-quality development of land dividends.