This study examines whether digital finance (DF) makes a marginal contribution to the relaxation of farmers’ investment credit rationing compared with traditional rural financial institutions, using data from the recent rapid development of DF in China. Results show that DF plays an independent role in relaxing farmers’ credit rationing, indicating that it has a special function in the production and acquisition of the rural credit market. However, further analysis shows that rich farmers still receive more benefits from the development of DF than others. In addition, the impact of DF in the rural credit market is multidimensional, and diverse dimensions have different effects on the relaxation of farmers’ credit rationing. Instead of weakening credit rationing, the convenience of payment and financial management can strengthen credit rationing because of the “conduit effect” of DF in transferring rural savings to cities.