The policy of linking the increase and decrease in urban and rural construction land is a land policy that gradually forms and develops to solve the contradiction between “food and construction” under the background of urbanization in China. It is of great significance to the sustainable development of China’s social economy. In order to grasp the evolution of the policy of linking the increase and decrease in urban and rural construction land in China as a whole, this paper used the content analysis method to analyze the changes in the content of China’s urban−rural construction land increase/decrease linkage policy from different perspectives, such as the levels of policy promulgation and the types of policy promulgation. Firstly, 105 directly related policy texts were selected from a large amount of policy information and read in detail with this as a sample, and 11 keywords were extracted, which were “balance of occupation and compensation”, “clear property rights”, “reasonable planning”, “project area”, “turnover indicators”, “linkage procedure”, “voluntary principle”, “resettlement compensation”, “cultivated land protection”, “supervision and management”, and “capital finance and taxation”. Secondly, the policy text was coded to provide quantitative data on policy development. Finally, the trajectory of policy development was analyzed on the basis of the quantitative data on policy development. The results show that the existing policies were mostly issued in the form of notifications, management measures, implementation plans, working rules, and so on, involving the nature, principles, conditions, methods, procedures, capital finance and taxation, and circulation indicators of the linkage between the increase and decrease, but the policy effectiveness is low, and there is a lack of formal laws and regulations. Improving the legal status of the policy, changing the relationship between the government and the market, strengthening the protection of cultivated land, and reconstructing the income distribution mechanism will help to further improve the policy of linking the increase and decrease in urban and rural construction land.
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