The profit distribution system is the core and the important research content of the farmers’ cooperative system. The existing studies on cooperatives’ profit distribution mainly focus on its nature, distribution principle, distribution mechanism and status quo. As for the research on the profit distribution of farmers’ specialized cooperatives in China, there are two critical questions: the first is to explain in theory the unique Chinese way of cooperatives’ profit distribution; the second is to figure out the motives of the behavior agents in setting up and jointly running cooperatives. The existing research does not answer the two questions very well. Future research should make out the supply chain and value creation processes of farmers’ specialized cooperatives; make clear the factors contribution and the ownership arrangement; figure out the motives for various behavior agents in setting up and jointly running cooperatives to clarify the nature of relationship between the behavior agents and farmers; in particular, find out the differences between cooperatives and stock companies if factor contribution, demutualization and centralization of cooperatives are recognized theoretically and lawfully.