The rural collective economy is the main way for underdeveloped areas to gather development resources, improve marketization capabilities, and promote industrial scale. It is of great significance for improving the vitality of grassroots organizations and achieving common prosperity. Based on congenital conditions and acquired opportunities, the underdeveloped areas in the central and western regions of our country have the advantage of developing collective economy in terms of natural resources, ecological environment, cultural resources, technological upgrading, system reform, and policy guarantees. But at the same time, there may also be latecomer disadvantages in terms of traffic conditions, cultivated land area, ideology, supporting facilities, industrial development, human resources, etc. due to inherent deficiencies and acquired practices. To solve the long-standing development problems of underdeveloped regions and make up for the shortcomings of the central and western regions in the modern development, underdeveloped regions are required to play the value of their initial endowments through industrial positioning, and to strengthen their initial endowments through institutional innovation, people's livelihood security, and joint development. Underdeveloped regions also need to make up for the disadvantages of latecomers and promote the long-term development of the rural collective economy.