Abstract: The development of new rural collective economy in the new period must be based on the multi-dimensional reality of the dilemma to explore the path for its high-quality development. Based on field research in Tongjiang County, Sichuan Province, we analyze the multi-dimensional realistic dilemma of new rural collective economic development and its solution. Firstly, we argue that the development of new rural collective economy faces three main dilemmas: the subjective dilemma of “who will do it” and “who is willing to do it”, the industrial dilemma of “what to do” and “what can be done”, and the operational dilemma of “how to do it” and “how much can be achieved”.Secondly, combined with the practical differentiation logic observed in Tongjiang County regarding the incentive mechanism for common prosperity, the value-added mechanism of typical models, and the inhibitory effect of insufficient fault tolerance, the paper conducts targeted analysis on the root causes of these “triple dilemmas”. Finally, considering the realities and causes of the “triple dilemmas”, this paper summarizes optimization paths for developing new rural collective economy as: establishing a “win-win” mechanism by clarifying collective economic functions, rights, and responsibilities to stimulate multi-stakeholder engagement; building robust industrial chains through improved reward-punishment mechanisms to create an ecosystem for diversified characteristic industries; and optimizing collective economic interest linkages by empowering stakeholders to establish cross-regional synergistic development mechanisms. The article’s innovation lies in providing a new explanatory framework for developing new rural collective economy and achieving common prosperity for rural farmers through addressing the “triple dilemmas” in subject, industry,and mechanism aspects.