In order to realize the Chinese path to modernization of common prosperity for all people, we must attach great importance to the elderly care in rural areas.Based on China’s unique historical culture and rural social ecology, mutual aid pensions are an effective supplement to the inadequate supply of rural pension services. As a people centered political party, the CPC has attached great importance to the issue of rural old-age care since its establishment, especially focusing on the important role of the traditional culture of mutual assistance in rural old-age care, constantly carrying out policy design and improvement, and promoting the development of mutual assistance in rural old-age care in China. China’s rural mutual old-age care has gone through five stages: mutual old-age care by clansmen, mutual old-age care by production cooperatives, collective mutual old-age care, social mutual old-age care, and institutionalized and standardized mutual old-age care. And it presents the following significant characteristics. The main body of mutual assistance takes ethical and cultural capital as its core, and the family always plays its core function. The content of mutual assistance is guided by social organization capital, from simple economic relief to the development of human resources for the elderly. The way of mutual assistance is guaranteed by formal institutional capital, and it changes from intergenerational mutual assistance to the combination of intergenerational mutual assistance and mutual assistance for the elderly. The development of rural mutual old-age care needs to uphold the perspective of social capital, focus on the subject, content and mode of mutual old-age care, improve the formal institutional capital such as laws and regulations, and improve the level of rural mutual old-age care services. Meanwhile, it is necessary to bring into play the capital power of rural social organizations to highlight the advantages of mutual old-age care community, promote the ethical and cultural capital of rural areas, create a social atmosphere of respecting and loving the elderly, promote the rural elderly to share the fruit of economic development, and help the ultimate realization of common prosperity.