Recent institutional developments have made the leasing and creation of urban farmland a new alternative for farmland owners to promote farmland conservation. Owners face several challenges related to farmland conservation, such as securing successors, passing on farm assets to the next generation, and the lack of management resources for farm development. Through a case study in Tokyo, we clarified the relationship between various issues experienced by farmland owners and farmland leasing and creation. We confirmed that the establishment of an agricultural corporation through farmland leasing can lead to the advancement of management and the securing of successors; further, the conversion of unused land to farmland can reduce tax burdens. However, the creation of farmland may face challenges in terms of the quality of the created farmland and farm development.