Collective forest tenure reform and water rights system reform are two types of resource system reform initiated by the Chinese government since the implementation of the reform and opening policy of the 1980s. Forest tenure reform has been completed and water rights system reform is ongoing. This study analyzes key points and problems with collective forest tenure reform and summarizes four typical successful reform measures and lessons that will have implications for the developing water rights system: the collective forest-cutting quota system, collective forest tenure compensation, collective forest tenure confirmation, and collective forest tenure trading center. A flexible water permission index, compensation measures in water rights trade, water rights approval, and various forms of water rights trading platforms are proposed as reform measures. This study fills a gap in comparative studies between two important resource system reforms in China and provides a reference for further reform and development of water rights systems locally and abroad.