Based on the analysis of the game principle between agricultural insurance subjects under the background of rural revitalization, this paper establishes two game models of “small farmers-insurance company-government” and “new agricultural management subject-insurance company-government”. According to the results of the game, under the current agricultural insurance subsidy system, the insurance probability of small farmers is less than underwriting probability of insurance companies.The insurance probability of new agricultural management subjects is higher than the underwriting probability of insurance companies. There exists an imbalance of supply and demand between the two major agricultural operators and insurance companies. Neither the game goal of “rich life”and “prosperous industry” of agricultural management subject nor the goal of the government policy has been achieved. Therefore, it is suggested that the subsidy policy of rural revitalized agricultural insurance should be improved, the full subsidy should be carried out for small farmers, and the proportion of subsidies for new agricultural management subjects should be moderately reduced, and the insurance companies insured by them should be subsidized instead.