Abstract: Common prosperity is an essential requirement of socialism and an important part of Chinese-style modernization. In the new stage of development, the problems of unbalanced development between urban and rural areas and inadequate development in rural areas have become increasingly serious. Modernization of agriculture and rural areas has become an indispensable path to achieve common prosperity for all people. From agricultural modernization to agricultural and rural modernization, different stages of development show remarkable characteristics of the times. Entering the new era, the transformation of the principal social contradiction and the goal of common prosperity are the fundamental logic of accelerating agricultural and rural modernization. However, from the perspective of common prosperity, the modernization of agriculture and rural areas still faces many practical challenges, such as weak links in infrastructure construction, relatively backward supply of basic public services, large gap between urban and rural residents’ income, obvious shortage of rural talent team construction, prominent weaknesses in rural industrial development, and the need to further improve the rural governance system and governance capacity. In order to overcome the above constraints and promote common prosperity through the modernization of agriculture and rural areas, we should speed up the construction of rural infrastructure, promote equal access to basic public services, find a new balance between efficiency and fairness, promote the construction of rural talent through multiple channels, take multiple measures to promote the revitalization of rural industries, and promote the modernization of rural governance system and governance capacity.