The purpose of this study was to explore the development of China’s overseas farmland investment activities. Based on the case statistics of GRAIN and Land Matrix, this study analyzed the change in spatial pattern and influencing factors of China’s overseas farmland investment development by means of literature review and spatial measurement. The results show that: (1) The overall spatial agglomeration effect of China’s overseas farmland investment began to appear after 2004, and obvious spatial differentiation has been formed locally at present. Russia and Southeast Asia have become high-high agglomeration areas; (2) The spatial variation range and degree of influence of China’s overseas farmland investment activities have undergone a process of volatile increase. The spatial variation from northwest to southeast is the most significant, and internal factors of host countries have become the key; (3) The development of China’s overseas farmland investment is significantly affected by geopolitical, geo-economic, and geo-cultural factors, including the proportion of agricultural land in the host country, the level of grain yield, the number of statements, declarations, and bulletins jointly issued with China, the number of visa-free documents of China, and the number of consular agencies in China are the six statistically significant indicators. In a situation that China’s overseas farmland investment scale has been spatially different and stable, relevant institutions should pay more attention to the protection and planning of investment for Southeast Asia and Russia.