Subsidized fertilizers are a government policy instrument that aims to maintain national food security through increasing agricultural productivity and farmers' welfare. However, the implementation of the subsidized fertilizer allocation and reallocation policy still faces various obstacles such as distribution delays, quota mismatches, and suboptimal equal access distribution. This study aims to evaluate the policy of allocation and reallocation of subsidized fertilizers in PT. Pupuk Sriwidjaja Palembang uses William N. Dunn's policy evaluation theory which includes effectiveness, efficiency, adequacy, equity, responsiveness, and accuracy. The research uses a descriptive qualitative method with data collection techniques in the form of interviews, observations, and documentation. The research informants consisted of farmers who received subsidized fertilizers and PT. Pupuk Sriwidjaja which is involved in the management of subsidized fertilizers. The results of the study show that the policy of allocation and reallocation of subsidized fertilizers has been quite effective in increasing agricultural productivity. However, various obstacles are still found, especially in terms of distribution, timeliness of distribution, and equitable access. The reallocation mechanism is able to help overcome fertilizer shortages in several areas, but its implementation is still reactive. Therefore, it is necessary to improve the farmer data collection system, improve the accuracy of fertilizer needs planning, and strengthen the distribution system so that the subsidized fertilizer policy can run more optimally.