To further optimize the effectiveness of China’s agricultural water rights policies in ensuring food security, a three-dimensional analysis framework of “policy subject-policy tool-policy objective” was constructed by systematically sorting out the agricultural water rights policies that have been issued in China. Using the content analysis method, 85 selected relevant policy texts were coded and then subjected to one-dimensional statistical analysis and multi-dimensional interaction analysis. The results show that under the current grand pattern of food security, there is certain room for optimization in China’s agricultural water rights policies. Future policies should moderately adjust the participation proportion of social subjects to encourage more entities to contribute to food security. It is necessary to enrich the use of demand-oriented and environment-oriented policy tools, and expand the comprehensiveness and high coupling of policy tools and their subdivided items with multiple subjects and multiple objectives, so as to better serve the food security strategy. It is necessary to optimize the structure of policy objectives, pay attention to the synergy of agricultural water rights policy objectives, and lay a solid foundation for water security for food security.