Affected by the COVID-19 spread，the international economic and trade frictions and Sino-Australian tensions，the Oceania countries’ foreign trade declined as a whole，but the trade between the major Oceania countries and China was relatively stable. Both outward foreign direct investment and inward foreign direct investment of Oceania countries decreased significantly. The signing of “Regional Comprehensive Economic Partnership Agreement（RCEP）” of both Australia and New Zealand and the signing of the Upgraded Free Trade Agreement between New Zealand and China are the highlights of major Oceania countries in promoting foreign economic and trade cooperation and regional economic integration. Looking ahead，the COVID-19 pandemic situation and the effectiveness of prevention and control，the US economic situation and policies，and the relationship between Oceania countries and China will all have important influence on Oceania countries’ foreign trade and economic cooperation.