Abstract: Developing the collective economy is the most effective path to achieving common prosperity, and village party organizations leading cooperatives is an important vehicle for developing the collective economy and promoting farmers’ income growth. This paper takes more than 200 village party organizations leading cooperatives in Shandong Province as a sample, conducts research using the questionnaire survey method, investigates the development level of village party organizations leading cooperatives, and discusses how village party organizations leading cooperatives affect the new rural collective economy through the mediating variable of village collective operating assets by using structural equation modeling. The study finds that the development level of village party organizations leading cooperatives has a significant positive impact on the new rural collective economy organizations and indirectly positively affects village collective economic organizations through village collective operating assets. The conclusion is that the formation of new rural collective economy should be promoted by improving the development level of village party organizations leading cooperatives, increasing the rate of villagers joining the cooperatives, enhancing the participation of villagers, optimizing and revitalizing village collective operating assets, and promoting the deep integration of village party organizations leading cooperatives with village collective economic organizations.