The theories and practices of global ocean governance are the product of the ocean order which evolves from disordered power competition to the one that is centered on rules and mechanisms. In addition, as an important part of the ocean order, the framework of the ocean governance system also reflects the structure of powers and rules. The ocean order in the world as well as in the South China Sea is currently being reshaped, and ocean governance has accordingly entered into a new phase. Improving relevant rules and regulations, China and the ASEAN states should seize the opportunity of the current ocean order evolution in the South China Sea, so as to establish a regional network of ocean governance cooperation mechanism and a rule-based governance system in the South China Sea. In this process, China and the ASEAN states should make continued and greater efforts to maintain the initiative and play the roles that match with their national strength and regional influence.