|Abstract:With the smooth implementation of the Belt and Road Initiative, overseas oil and gas investment of China ushers in a series of opportunities, but still faces many risks. This paper identifies the risks of overseas oil and gas investment under the Belt and Road Initiative. From the resource risk, political and legal risk, economic risk and environmental risk, the paper also builds risk evaluation index system of overseas oil and gas investment. Then the AHP-Fuzzy model is established to evaluate oil and gas investment risk of 16 countries along the Belt and Road. The result shows that oil and gas investment in Azerbaijan, Iran, Oman, Indonesia, Egypt, Vietnam, Kazakhstan and Thailand belong to the high risk level; oil and gas investments in Saudi Arabia, Malaysia and India belong to the medium risk level; oil and gas investment in Russia, Qatar and Kuwait are lower risk; oil and gas investment in the UAE and Romania are low risk. Finally, this paper puts forward the following suggestions: taking different countermeasures according to different risk level of each country; promoting the establishment of the Belt and Road energy cooperation mechanism; perfecting the laws and regulations related to the overseas investment of enterprises.