Agricultural infrastructure is a typical public good, and it plays an important role in rural development. The “participation of beneficiary groups (PBG)” system is encouraged by government to supply village level public goods in China. Based on micro survey data from the village level in Jiangsu Province, this study analyzes the status of agricultural infrastructure construction and the promotion of PBG model and quantitatively analyzes the impact of different factors using an econometric model. The results found that the PBG model of agricultural infrastructure construction only accounted for 22.8% of projects, and the bottleneck was the challenge in raising funds at the village level; the total number of projects and the number of projects in the PBG model significantly increased with collective irrigation, and the farmland lease was found to hinder the promotion of the PBG model. The government should take measures to enhance farmers’ awareness of social trust, continuously improve the governance capacity of the village collectives, improve the role of village self-governance and social forces in agricultural infrastructure construction, and actively guide farmers and private enterprises to participate in agricultural infrastructure construction so that farmers can obtain more practical benefits.