Nowadays, renewable energy plays a vital role in the sustainable development of a society. In China, renewable energy power has developed rapidly since the implementation of Renewable Energy Act. Through a series of specific incentive measures, especially subsidy policies, China׳s renewable energy power has made great achievements both in technology and application. Based on the state-of-the-art of renewable energy power, this paper comprehensively analyzed the costs and benefits of renewable energy power subsidy in China. The analysis results show the cost of renewable energy power subsidy was 0.248CNY/kWh between 2006 and April 2011, which was distributed among different renewable energy power types (including wind power, biomass power, and solar PV power) or categories (including electricity price, accessing-grid projects, and public independent renewable energy power system). On the other hand, the renewable energy power subsidy also brings benefits to different aspects of the society. Specifically, the environmental benefit amounted to 17.88 billion CNY, and the benefits of guaranteeing energy security, advancing technology innovation and promoting economic development were also noteworthy.