China ensures the supply of energy through various channels at present, and the energy cooperation via the policy-based loans is a typical representative of the development in recent years. This article employs the policy-based loans as the pivot, takes the “Sino-Russian policy-based oil loans” project as a typical case, and adopts the quantitative method of vector autoregression (VAR) to analyze the interests distribution of the Sino-Russian oil cooperation and the influence on their economic development. The results show that the cooperation of Sino-Russian  policy-based oil loans at this stage has a shortterm economic development advantage for China and a longterm advantage for Russia. At the same time, it is suggested that China should expand the operation scope of policy-based loans in foreign energy cooperation, stipulate reasonable limit time and reasonable loan interest rate, and strengthen the oil supply mechanism between China and Russia. For policy-based loans and outward foreign direct investment: China should use policybased loans to expand the sources of funds for outward foreign direct investment,  and strengthen coordination between policy-based loans and financial institutions in the host country.