One of the most important areas of cooperation between Russia and China - investment - is analyzed in this article. The author describes the evolution of Sino-Russian relations development, the investment cooperation, its legal basis and institutional structure in both countries. The article specifically focuses on the analysis of investment cooperation in the process of implementation of an ambitious China initiative - «One Belt and One Road» project. The author evaluates the geoeconomic and geopolitical significance of this project for China and Russia.