The sustainable development of farmers cooperatives cannot be separated from the fair and reasonable benefit distribution mechanism. From the perspective of stakeholders, this paper, through the empirical investigation of 566 farmers in XC county of central region, aims to explore the real benefiting groups in the development of farmers cooperatives. According to the study, farmers cooperatives in XC County didnt give full play to the role of integrating small farmers into the supply chain of agricultural products, reducing agricultural input costs and increasing farmers income, with weak capacities to connect, support, and benefit farmers. In view of this, while relying on rural elites to lead farmers cooperatives, all localities must establish a selfcorrecting mechanism for “elite capture”, pay attention to protecting the interests of vulnerable farmers, and not only “make the cake bigger”, but also “distribute the cake well”.