<p>Rural revitalization amidst the backdrop of urbanization poses challenges for public policy. Adopting a neo-endogenous rural development perspective, the pivotal role lies in the amalgamation of external and internal endeavors to generate maximized synergy. However, the appropriate roles of diverse stakeholders and the intricate dynamics of their interplay remain subjects of contention. This study delves into the roles of key stakeholders in rural revitalization, drawing insights from a case study of rural practices in Shanghai, China. Employing structural equation modeling, we explore and illustrate the functioning and interplay mechanisms of these stakeholders. The findings reveal that the government significantly contributes to rural revitalization not only through direct resource investment and policy support but also indirectly by fostering extensive engagement from other stakeholders. The villagers’ organization emerges as the most noteworthy direct contributor, serving as the nexus linking the village with external entities and functioning as the core of community collective action. While villagers, as the principal inhabitants of rural areas, exhibit a significant albeit limited positive effect, underscoring that their participation levels remain suboptimal. External enterprises exert a notable yet predominantly indirect impact, interplaying with villagers’ committees and Party branches. Consequently, there is a pressing need to elucidate the roles and delineate the boundaries of various stakeholders and their interplay mechanisms to optimize their collective efforts. This clarification is essential for maximizing synergies and facilitating the generation of sustainable endogenous power essential for the success of rural revitalization initiatives.</p>