Abstract: Government-guided industrial poverty alleviation is an important initiative to consolidate the results of poverty alleviation and rural revitalization in an effective way. The key to this is that government embedding can truly help poor households to enjoy the dividends brought by the industry in a fair and reasonable way. This paper presents an empirical analysis of the distribution of subject interests in the Zhijiang Dong Autonomous County government's embedded industrial development model from the perspective of the distribution of interests of multiple subjects. The study found that government-embedded industrial poverty alleviation effectively realizes the goal of poverty alleviation and income generation. In the process of promoting industrial development, the government and village collectives play a supporting role for industrial development, and cooperatives and farmers bear all the risks of industrial development. In terms of the distribution of subject interests, the professional cooperatives are the highest, followed by the local government, the poor households, and the village collectives. However, the actual benefits of each subject are lower than the theoretical benefits; thus, it is necessary to further improve the distribution of benefits among subjects to better protect the benefits of farmers. This paper puts forward corresponding optimization suggestions for the participating subjects to ensure the benefits of farmers. Firstly, to improve the accuracy of the government embedding, it needs to establish a reward mechanism and third-party supervision mechanism to motivate the grassroots government workers to actively help the development of the industry. Secondly, to strengthen the shareholding cooperation mechanism between the professional cooperatives and farmers, it needs to promote the active participation of farmers as shareholders to participate actively in the cooperative's operation and production, and to increase the cooperative's operational efficiency. Thirdly, enhancing the stability of industrial development, standardizing order contracts, improving the vocational skills of the participating subjects, and promoting the sustainable development of the industry. Fourthly, building an incentive-compatible benefit distribution mechanism. Under the premise of fairness and reasonableness, dynamically adjusting the distribution of benefits according to the changes in the market prices of the production factors, so as to prioritize the protection of reasonable rights and interests of the poor households, and to realize the sustainable elimination of poverty.