How to use the nation-specific approach to analyze political risks of Chinese electricity companies investing in the Mekong Subregion is an important topic in the study of international political economy. This paper analyzes political risks of Chinese companies investing in foreign countries by using an analytical model. First，the conceptual framework of Italian political risks is introduced with added indicators assessing non-traditional political risk，in addition to the three traditional political risks which are expropriation risk，foreign exchange restriction risk and political violence risk，so that the evaluation results can reflect the political risk level of the five countries in the Mekong Subregion from 2009 to 2016 more comprehensively and objectively. Then，the political risk factors of Cambodia，Thailand，Myanmar，Vietnam and Laos are further analyzed based on the results of the quantitative analysis model. To control political risks faced by Chinese electricity companies in the Mekong Subregion，the paper proposes the following three policy recommendations：strengthening positive publicity of the image of China and Chinese companies，making good use of the protection mechanism provided by international laws，and providing safe public goods to create a regional and interregional security community.