Abstract: In order to clarify the internal mechanism of farmers’ production behavior under the producer subsidy policies, explore farmers’ motivation for soybean planting, and stabilize soybean planting area and farmers’ income, the probit model is established through data investigation. This model explores the influencing factors of farmers’ soybean planting behavior change under producer subsidy policies from four aspects: Individual and family characteristics, production and management characteristics, market characteristics, and cognitive characteristics. The results showed that the education level, participation in cooperatives, years in soybean planting, area of soybean planting, difficulty of land circulation, average yield ratio of soybean and alternative crops, satisfaction with soybean producers’ subsidies, and risk perception of soybean planting had a significant impact on planting behavior. Conversely, age, total labor force, production input, land rent, and lagging soybean sales price did not exhibit statistical significance. Based on these findings, this paper proposes the following recommendations: improving the producer subsidy policy, strengthening the role of cooperatives, increasing yield levels, and strengthening policy advocacy.