In the context of China’s trial fallow policy; the heavy metal pollution of farmland is addressed via field surveys in Hunan Province, where the fallow policy has been implemented, and in Jiangxi Province, where it has not been implemented. We measured and analyzed willingness to accept (WTA) using the contingent valuation method (CVM). The conclusions of this study are as follows: (1) Farmer awareness of heavy metal pollution and pollution sources is higher in Jiangxi Province than in Hunan Province; (2) Ignoring the impact of other factors, the WTA of farmers is 902 (yuan /mu) in Jiangxi Province and 902.26 (yuan /mu) in Hunan Province. Considering the influence of the basic characteristics of the respondents using the parameter estimation method, the WTA of farmers is 839.34 (yuan/mu) in Jiangxi Province and 934.39 (yuan/mu) in Hunan Province. There is little difference in WTA between the two provinces, but both estimates are higher than the national compensation standards; (3) The factors that affect the WTA of farmers in Jiangxi Province are gender, education level, average annual income and per capita arable land. The factors that affect the WTA of farmers in Hunan Province are age, education level, family size, average annual income, per capita arable land area and farmer occupation; (4) At present, the means and methods of compensation for the implementation of the fallow policy are recognized by most farmers. The paper concludes with some policy suggestions based on above findings.