Based on 13 months of in-depth ethnographic, interview, and archival research in a rural county in northern Anhui Province, this paper examines changing dynamics in peasant households’ social reproduction. It argues that local government’s push for real estate expansion and implementation of the one-child-policy have significantly fueled the commodification of rural basic education and marriage in the past decade. This process has led to a new, commodified mode of rural social reproduction, under which care labor and financial resources have been focused on providing for the youngest generation, and created massive indebtedness among rural households. Consequently, two interrelated, systemic reproductive crises have emerged in rural China. One concerns a lack of care and financial help for the elderly rural population. The other is a rural demographic collapse. Findings shed light on emerging crises in China’s countryside and the structural limits of China’s economic growth model. It also contributes to the literature on what has become a global reproductive crisis.