Abstract: Since the implementation of the targeted poverty alleviation policy, China has made remarkable achievements. However, as the poverty alleviation work is coming to an end, how to make sure that farmers already out of poverty can effectively deal with future risks and achieve stable poverty alleviation has become a hot research topic. Based on the sustainable livelihood analysis framework established by the Department for International Development (DFID), this paper investigates the livelihood of the poverty-stricken people in A village of R city, Shandong Province, in order to study the possibility of poverty-stricken rural households coping with risk shocks. Combined with the specific implementation of poverty alleviation policies by different levels of government in R city, this paper further analyzes the reasons for the high vulnerability of poverty-stricken peasant households from three aspects, namely, the imperfect poverty identification and exit mechanism, the lack of long-term poverty alleviation mechanism construction, and the neglect of the joint governance effect of poverty alleviation. Based on the situation, the corresponding solutions are proposed.