After the historic and successful results of targeted poverty alleviation in 2020, in the context of solidly promoting common prosperity, how to prevent the return of poverty and solve the problem of relative poverty is crucial. The premise of this is to understand the influencing factors and mechanisms of the dynamic change of poverty. To solve this problem, based on the micro-survey data of farmers in three provinces and six counties before and after the implementation of the targeted poverty alleviation policy (2010, 2012, 2015 and 2018), this study found that industrial development, education, and relocation of poverty alleviation and basic security have heterogeneous effects on poverty dynamics. Among them, industrial development and basic security are negatively correlated with the dynamic changes of poverty, which means that they help to reduce the incidence of poverty. Education and relocation of poverty alleviation are positively related to the dynamic changes of poverty in a specific period, which suggests that they may increase the incidence of poverty. The above analysis provides theory guidance and policy inspiration for preventing return to poverty and dealing with relative poverty in the new era. To this end, China should continue to deepen the development of rural industries, steadily improve the level of social security supply, continue to promote the reform of the financial system in the field of education, establish a high-quality education system, and promote the whole process of poverty alleviation relocation according to local conditions, so as to better solve the problem of relative poverty and realize common prosperity at an early date.