Exploring farmers’ willingness to pay (WTP) for cultivated land protection and its influencing factors is key to promoting their enthusiasm for participating in cultivated land pollution governance. However, existing studies often overlook the differences in farmers’ preference for different levels of cultivated land attributes and the issue of intertemporal choice in farmers’ WTP, thus lowering the effectiveness of cultivated land protection policies. Using survey data from 646 small farmers in Shandong, Jiangsu, and Zhejiang provinces of China, this study empirically analyzes the impact of time preference on farmers’ WTP for cultivated land attribute levels by utilizing the choice experiment method, measures the relative importance of different cultivated land attributes and attribute levels to farmers, and calculates farmers’ WTP for different cultivated land attribute levels. The results revealed that farmers are generally reluctant to pay for cultivated land protection. Time preference affects farmers’ WTP for different levels of cultivated land attributes, with future-biased preference increasing farmers’ WTP and present-biased preference inhibiting it. Furthermore, for farmers, the relative importance of cultivated land attributes is in the order of cultivated land quality, cultivated land surrounding landscape and ecological environment, cultivated land social security function, and cultivated land area. The most crucial cultivated land attribute level is the improved cultivated land quality, with an average WTP of 3290.625 CNY per hectare (approximately 459.117 USD). In contrast, the least important cultivated land attribute level is the unchanged cultivated land area, with an average WTP of 1001.250 CNY per hectare (approximately 139.697 USD). The economic benefits of cultivated land protection in the sampled provinces can reach 353.892 million CNY per year (approximately 49.376 million USD) annually, which is calculated based on vegetable planting area. Our results suggest that the government should diversify farmers’ sources of income while increasing the amount of income, thereby reducing barriers to farmers’ payment. Simultaneously, farmers’ time preferences should be considered to guide them toward expecting long-term benefits and encouraging their active participation in cultivated land pollution governance. Moreover, cultivated land protection policies should match the preference of farmers for cultivated land attributes and attribute levels, and a limited fiscal fund should be allocated to the cultivated land attributes (i.e., cultivated land quality) and attribute levels (i.e., improved cultivated land quality) preferred by farmers to improve policy efficiency. This study highlights the importance of encouraging farmers to actively participate in cultivated land pollution governance and improving the allocation efficiency of the government’s cultivated land protection fund.