This paper deals with the contents of China-Mongolia-Russia Economic Corridor and the basic conditions for building the corridor through the perspectives of political and economic cooperation between the three countries，the existing regional and sub-regional cooperation mechanisms，and the development strategies to be connected between the three states. This paper also deals with the major paths and sectors relating to the economic corridor’s construction. Based on the analysis，this paper explores the opportunities and challenges in the economic corridor’s construction before putting forward constructive suggestions and prospects for the corridor.