Based on National Fixed Point panel data during 2009-2017, using conditional mixed process model to empirically analyze the impact of new rural pension insurance on the employment choice of rural labor force. The research shows that the new rural pension insurance will significantly increase the probability of farmers’ non-agricultural employment and entrepreneurship, reduce the probability of agricultural scale operation. From the perspective of family resource endowments, the new rural pension insurance has significantly increased the probability of entrepreneurship of elite families and Internet access families, while the impact on non-elite families and non-Internet access families is not significant. Further discussion found that credit access and risk attitude are two important factors affecting the employment effect of the new rural pension insurance. Credit access significantly strengthens the entrepreneurial effect of the new rural pension insurance, while the role of risk attitude in promoting non-agricultural employment and entrepreneurship of farmers is not consistent. Thus, giving full play to the new rural pension insurance system for rural society’s ‘shock absorber’ function, but also pay attention t