Based on the theory of values of farmland property rights, the farmland price evaluation model was developed. Expropriated farmland price consisted of values of production profitability right, livelihood guarantee right, development right, food security right and ecological security right. And farmland price evaluation system of regional expropriation was established. Using the above model, as a case study, the price of expropriated farmland in Nanjing City was evaluated. The results show that the appraisal price of expropriated farmland in Nanjing City is much higher than present compensation standard of expropriated farmland, and closes to the price of industrial use land in the corresponding period. In conclusion, the study can be a reference to compensation standard according to land market price, and it also can improve the evaluation system for regional farmland price in the near future.