<p>Under the effects of global agricultural structural changes, understanding the decision-making contexts of different stakeholders is crucial to inform the adaptive governance of traditional agricultural landscapes. This study focused on the dike–pond agricultural heritage landscape in the Pearl River Delta region, China. The landscape is characterized by multifunctional features, but is undergoing structural transformation. We applied a values, rules and knowledge (<i>vrk)</i> framework to reveal the factors influencing the management decisions affecting the dike–pond landscape. Through 52 interviews with different stakeholders, we found that instrumental values—particularly the pursuit of profit—and technical knowledge related to production played a key role in management decisions compared to other value and knowledge types. In the face of complex social and ecological contexts under structural changes, both formal rules and informal rules were important for managing the landscape. Further, the government, community and farmers operated within different decision-making contexts. Differences in values, rules and knowledge among these contexts may hinder the adaptive governance of the landscape. We conclude that adaptive governance of agricultural heritage landscapes requires more attention to relational values and local knowledge, as well as promotion of collaboration among different stakeholders.</p>