The COVID-19 epidemic is still the core factor affecting the political，economic，social and diplomatic situation of Latin America. Owing to this reason，Latin America countries are generally encountering with challenges，such as the rising difficulties of governance，the intensification of political fluctuations. The political cycle is shown as “returning to the left”，due to the interference of the epidemic. At the same time，the game between left and right political forces，and the rise of emerging political forces，may also breed a new round of political changes. Although the economy has shown a compensatory rebound，problems such as high inflation，double deficits，high indebtedness，and the dilemma of fiscal and monetary policies，reflect definitely the vulnerability and uncertainty of the current economic recovery in Latin America. The continuous downturn of the labor market，makes the poverty-returning phenomenon been a realistic challenge for Latin American region. Due to the weakening of the Relief Policies，the social structure shows a more obvious downward mobility trend，and the polarization between the rich and the poor may worsen in the medium and short term. The complexity of Latin American diplomacy has also increased. Although the vitality of regional integration has warmed up，the regional cohesion has not been fundamentally improved. The rhythm of U.S.-Latin America relations has accelerated，but the U.S.’s exclusive policy orientation has not received the expected response in Latin America. The European Union，Russia and Japan have great differences in their policy priorities in Latin America，especially Japan，whose polices to Latin America，has more exclusive contents than before. However，China-Latin America cooperation continues to follow an efficient rhythm. While achieving a series of breakthroughs，the “Global Development Initiative” has also become the core idea for China to plan China-Latin America relations，in the next stage.