Based on sustainable development theory, real options theory and game theory, this paper analyzes the compensation value for agricultural land expropriation including five parts, the economic value, social value, ecological value, the value of real op- tions and game value. In view of the equity of intra-generational and inter-generational, the paper suggests that the stakeholders in land compensation for agricultural land expropriation are national, local government, the village collective economic organizations, landless farmers and future generations. In order to fully realize the compensat...