The income distribution of rural collective economic organizations is the core link to realize collective ownership, and it is also the key system to connect collective assets and members’ rights and interests, coordinate efficiency and fairness, and balance collective public welfare and individual private interests. Although Article 42 of the “Rural Collective Economic Organization Law” establishes the basic framework of “extracting the public welfare fund first and distributing the remaining part according to the share held by the members,” the principle of standardization and systematization is insufficient. In practice, the definition of distributable income is vague, the distribution basis is binary opposition, and the alienation of distribution procedures is prominent. Based on the nature of collective ownership and the special legal person attribute of rural collective economic organizations, this paper uses normative analysis and empirical investigation methods to clarify the legal attributes and dual value logic of income distribution, reconstructs the rule system from the three dimensions of entity, procedure, and relief, and provides theoretical support for legislative refinement and practical improvement.