As a new type of new rural collective economy, the collective economy of Chinese villages is a community economy formed by peasants based on collective property rights, membership and village boundaries. The economic type emphasizes that economy is embedded in the community relationship structure and presents the social character of economy. The character makes it different from rural elite economy, rural cooperative economy and rural collective economy. After the reform and opening up of China, the reform and practice of management of rural property rights, the dilemma of decline of rural communities after the abolition of agricultural taxes and fees, the implementation of new socialist rural construction and the comprehensive implementation of rural revitalization strategy in the new era have become the spatialtemporal background for resuming village collective economy. Since the 17th National Congress of the Communist Party of China, the state has made clear institutional and policy statements on promoting the reform of rural property rights system, rebuilding the new rural collective economy, exploring the diversified realization ways and paths of collective economy, and promoting the construction of collective economic organization and legalization, which has created a good policy and institutional environment for the revival of rural collective economy. To recover the collective economy of Chinese villages is an important way to alleviate the end of villages or peasants and rebuild the village community in some areas in the new era.