This study purposes to empirically study the impact factors and interactive mechanism of rural housing land transferring and rural labor migration. The results show: first, endowment, property right perception, non-agriculturalization development are the most important factors to drive housing land transferring; second, property right perception, non-agriculturalization development, location and social development are the most important factors to influence rural labor migration. Third, housing land transferring and labor migration are positively correlated which are caused by non-agriculturalization and interest arousing factors. The policy implications are: first, the government should respond to rural housing land transferring demand and promote housing land transferring; second, the government should enhance rural household's opportunity and ability of labor migration through rural housing land transferring.