While global progress toward food system transformation for UN Sustainable Development Goals has lagged, China, representing one-sixth of the world’s population, has made significant strides in food security. Previous research has not fully captured China’s recent changes in food consumption and supply, nor adequately addressed food security from a governance perspective. This study examines China’s food system transformation since 2013 through analysis of statistical data, policy documents, and literature, focusing on changes in demand, supply, supply–demand balance, and food system governance. The findings show China’s food system has undergone complex transformations during the last decade. Consumer preferences are shifting toward diverse, high-quality, and nutritious foods, especially animal proteins, while direct grain consumption decreases. This transition has created structural challenges, including dietary imbalances and rising health issues. The supply side, despite increased production and improved capabilities, faces challenges such as declining self-sufficiency rate for certain production, heavy dependence on arable land, and spatial mismatches between production and consumption areas. The supply–demand relationship reveals structural imbalances, particularly in protein supply and feed grain sectors, with quantity-focused approaches leading to simultaneous surpluses and shortages. China’s food security is increasingly challenged by rapidly growing import dependencies and declining self-sufficiency across major agricultural sectors. Food system governance in China has evolved from traditional grain security to a broader food security concept, adopting market-oriented approaches, extending the scope from production to the whole food system, and building a new relationship between stakeholders. Nevertheless, the food system governance needs improvements in assessment mechanisms, government role optimization, framework integration, and stakeholder engagement. The evolution of China’s food security and food system governance generate global impacts through multiple interconnected channels, creating both opportunities and challenges for the international community.