Aiming at the problem of low agricultural water price, Heilongjiang Province, the main grain producing area, was selected as the study area. Starting from the full-value and full-cost of agricultural water, the value of agricultural water use was analyzed by using the emergy theory, the cost of water use was determined by using the full-cost water pricing method, and the pricing of agricultural water resources was formulated in different situations by combining with the current price of water. A double logarithmic model was used to establish the price function of agricultural water demand, reveal the potential for water saving in the study area brought about by the increase in water price, and determine the affordability of farmers by combining with the index analysis method, so as to judge the feasibility of the water pricing scheme formulated. The results showed that in 2020, the full-value of agricultural water resources was 0.594 yuan/m3, and the full-costs of surface water and groundwater were 0.180 yuan/m3 and 0.355 yuan/m3, respectively; for the three designed ladder water price adjustment schemes, empirical analyses were carried out by using the years of 2005, 2010, 2015, and 2020, and in the case of the transition period and the long-term water price scheme, the average annual water savings respectively can be up to 2.72×109m3 and 4.45×109m3, the average annual water saving potential was 12.74% and 19.48%, and the first-order water price was in the range of the affordability of farmers, which was determined as a feasible program. The research result can provide support for the comprehensive reform of agricultural water price in the study area, which can be combined with the actual situation to gradually increase the agricultural water price to a reasonable level.