Based on the meaning of Panel Data, regression model and its specific estimation method of Panel Data are introduced. Combined with the actual situation of farmland in Jiangsu Province, socio-economic factors affecting the farmland change is taken as the explanatory variables, such as total population, regional GDP, agricultural output value, total investment of fixed asset, total retail sales of social consumer goods, per capita disposable income of urban residents, and per capita income of farmer. And farmland is taken as the explained variable. According to the Panel Data of 13 cities in Jiangsu Province, Fixed Effect Model of fixed coefficient and variable intercept is selected based on the result of Hausman Test. This model is also used to construct the farmland socio-economic model of 13 cities in Jiangsu province. Result shows that population is the most important driving force factor of farmland change in Jiangsu Province; socio-economic factors have relatively weaker fixed effects on farmland; regression coefficient of agricultural output is not significant; and model coefficient of GDP reflects a different economic meaning from the reality. Thus, this model is generally significant from an economic sense.