Some buildings should rent rooms to post officers or open as community centres in a bid to raise more cash, it says.
The report also outlines how some pupils could be taught by a teacher hundreds of miles away by video link.
Using the one teacher for several schools in certain subjects would save money on salaries, according to the report.
It claims serious action is needed to prevent some of the 2,222 Anglican schools closing.
The "steady decline" of some rural areas is outlined in the report, which says the days of schools with small roles are "numbered".
A "constant salami slicing of budgets" and problems with recruiting teachers are cited as major problems.
Governors of Anglican primaries in rural areas have been urged to carry out internal reviews into their long-term future and the report warns that "doing nothing is not an option".
Smaller schools should consider sharing one head teacher, according to the document, which also suggests that in some cases the "best and most strategic option will be the closure of a school".
Rev Nigel Genders, the Church of England's chief education officer, said: "In the current education landscape small rural schools face some tough challenges which are not simple to resolve and are often expressed in negative terms.
"This report is about suggesting a range of collaborative and innovative ways forward for these schools, which clearly have a key role in rural life, while not shying away from the difficult questions."
The Bishop of Oxford, John Pritchard, who is chair of the CofE's Board of Education, said: "Rural schools, like our country churches, are the vital heartbeat of the countryside.
"Partnership has to be the way forward. In the Diocese of Oxford, for example, we are seeing imaginative schemes such as the one in Bletchingdon, where a new school - which will also house community village facilities - is being built on land owned by the Duchy of Cornwall, alongside affordable rural housing, to the benefit of all.
"I hope this report will inspire other such creative partnerships to help our rural schools thrive."