As the “first project” in the battle against poverty in minority areas, the poverty-alleviation relocation has entered the post relocation era of “stable and rich” for relocated farmers. Based on the tracking survey data of relocated farmers in minority areas from 2015 to 2020, the impact of farmers’ poverty-alleviation relocation on livelihood is effectively identified by the PSM-DID method. The results show that:①The poverty-alleviation relocation in minority areas has a significant positive effect in promoting farmers’ livelihood, and this conclusion is valid.②The poverty-alleviation relocation in minority areas has a certain lag in promoting farmers’ livelihood. And the longer after relocation, the better the farmers are at improving their livelihood.③The effect of the poverty-alleviation relocation in minority areas on the livelihood of farmers with incapability is not obvious, but it has a significant positive effect on the livelihood of farmers with lack of factors, especially those who are poor due to lack of self-development motivation. The study further puts forward some policy recommendations.