In the perspective of stakeholders, this paper defined the very stakeholders and their interest demand respectively in the process of farmland transfer. Then an interview survey was carried out in Shanghai rural area, which indicated that the farmland transfer in Shanghai was characterized of “principal-agent” mode, and the primary risks of each stakeholder were identified carefully under such a mode. The result showed that risks of farmland transferors are included as “land-losing” , contractual problems, implausible distribution of farmland income and weakened information-transfer to them. As for the farmland transferees, they faced different risks as following: unsustainable policies, rigid duration, lacking of technology and facilities, and market fluctuation. Finally, the villagers committee, which plays important role in the mode, also met their own risks such as misadministration and contractual performance problems.