This chapter reveals the opportunities and risks of Sino-Russian industrial cooperation，based on the analysis of the competitive advantages of Russian industry and the status quo of the development of Sino-Russian trade and investment. The research shows that conclusion as the following：firstly，as a middle-upper-level income country，Russia has a series of competitive advantage industries，including oil，gas，and mineral resources exploitation and aerospace，military industry and metal processing，etc. Russian industrial competitive disadvantage is in transport infrastructure，the uneven development of the internal structure of industry，and labor-intensive industries as textile，leather，and light industry lagging behind. Secondly，the scale of bilateral trade between China and Russia continues to increase，and it is more than 80 billion US dollars. China has become the largest trading partner of Russia for the past 5 years. China’s investment in Russia is constantly enlarged，and the stock of China’s investment is 32 billions US dollars. China is Russia’s first forth investor. Thirdly，China and Russia have highly complementary industry，so both has the foundation and conditions for industrial cooperation. In the field of infrastructure，high-technology，aerospace，nuclear energy，and agriculture and the financial sector，there have prospects for wide-ranging cooperation.