<p>Genebanks and Farmers’ Seed Systems (FSS) are the most important means for the conservation and utilization of plant genetic resources for food and agriculture (PGRFA). The mandate of genebanks has evolved from a primary focus on supporting plant breeders to encompassing dual objectives: long-term biodiversity conservation and the provision of genetic materials to a broader stakeholder network. Drawing on a systematic literature review combined with policy and institutional analysis of genebanks and FSS, and informed by the current status of PGRFA conservation and utilization, this study examines China’s governance of PGRFA. The analysis shows that governance prioritizes genebank-based conservation, while FSS remain weakly embedded within formal institutional frameworks. This imbalance can be attributed to three interrelated factors: a structural divide between conservation and utilization, constraints on farmers’ rights and privileges, and a systemic crisis in FSS. In particular, policy frameworks prioritize ex situ conservation, while limiting farmers’ roles in seed saving, exchange, and innovation, leading to weakened FSS and reduced adaptive capacity. The findings suggest that addressing current challenges requires strengthening governance capacity, rebalancing stakeholder interests, particularly by safeguarding smallholder farmers’ rights and fostering more effective integration between formal and informal systems.</p>