Adopting Seemingly Unrelated Regression (SUR) analysis method, which can discuss a wide range of interrelated models simultaneously, this paper took rural residents' income and consumption panel data, which includes 31 provinces and cities from 2000 to 2006, as its research objects, and analyzed the impact of wage income, household operational income, property income and transfer income on seven major types of livelihood consumption. The regression results have shown that wage income has a great effect both on rural housing expenditure and on cultural and educational entertainment supplies expenditures; household operational income significantly affects the rural consumption of food, clothing, transportation and communication, medical and health care items; transfer income is the main driving force for peasants to consume household appliances and services.