Abstract: Research on the impact of climate change on agriculture has attracted much attention, but relevant research is incomplete and it is difficult to reflect the research hotspots and policy orientation. Therefore, in order to clarify the core of agricultural economic research in response to climate change and bring into play the role of theoretical innovation and policy guidance, a total of 1 678 pieces of literature in China from 1992 to 2020 were analyzed by bibliometric method and content analysis method. On the above basis, the conflict between theoretical research and policy practice and its causes and countermeasures were analyzed. The results show that: (1) The existing research has constructed the theoretical framework of “climate change-risk generation-peasant household hedge strategy ”. These studies focus on how climate change affects agricultural production and results in peasants’ preference for hedging strategies. (2) The goal of theoretical research is to enhance the risk hedging ability of peasants while policies are directed at reducing climate hazards. Therefore, the coordinated development of theories and policies should be promoted, and an agricultural risk management system should be built from three aspects of policy boost, market development and cognitive response.