Based on the analysis framework of“attribute-function-feature”, according to the economic, social and ecological attribute of cultivated land, the function of cultivated land is classified into production function, social function and ecological function. On the basis of dividing the function of cultivated land and combining the characteristics of function, the value of cultivated land is divided into economic value, social value and ecological value,and the reasonable method of calculating the value of cultivated land is put forward. On the basis of collecting data,an empirical study was conducted in Shenyang, Liaoning Province. The economic value, social value and ecological value of cultivated land in Shenyang were calculated by income approach, value substitution method and equivalent factor method, respectively. The results show that from 2008 to 2011, the total value of cultivated land in Shenyang showed a decreasing trend, and from 2011 to 2017, the total value of cultivated land increased year by year. In addition, in 2008～2017, the economic value of cultivated land in Shenyang was the largest, followed by social value and ecological value. It is suggested that the protection of social and ecological functions of cultivated land should be strengthened while paying attention to the production function of cultivated land.