Despite its rapid economic growth, China remains a developing country facing serious challenges of poverty and inequality. This article examines the development and effectiveness of China’s primary anti‐poverty family policy, the Minimum Living Standard Assurance (MLSA, or Dibao). Using rich administrative data and building on the existing literature, this article provides a critical evaluation of MLSA’s benefit generosity, coverage, targeting, and anti‐poverty effectiveness. To help reinforce MLSA’s anti‐poverty impacts, local governments in recent years have implemented a series of supplementary policies and programs, including health, education, housing, and work support programs. This article also provides an assessment of these supplementary policies and programs and draws policy implications for the ongoing expansion of the Chinese government’s anti‐poverty efforts.