The farmers' reputation can present their intrinsic character, which has the role in signaling and screening information for the decision-makings from both borrowing and lending in the rural credit market. As a village can be considered as a unit of rural social networks, the formation of the farmers' reputation is a Bayesian adjustment. Hence, dynamic game model is used and showed that the farmers' behavior is the most fundamental factor for formation of the farmers' reputation, which is dynamic. Moreover, the current reputation is an overall people perception, which is based on the results of previous farmers' behavior, and current behavior will affect the next farmers' perception for the farmers, which can form the new reputation level.