Overseas investment is an important part of China's "going global" strategy. Although China's overseas investment started lately, it has developed rapidly since the 21st century and with the characteristics of investment enlargement and extensive regional distribution. On the basis of studying the development process, current situation and characteristics of China's overseas investment, this paper points out the restrictive factors of China's overseas investment from the level of enterprise internationalization, national policy system, international rules change, the restriction of resources and environment of host countries and so on. At last, from the point of strengthening the scientific planning, this paper proposes to optimize its functional orientation, promote international cooperation in a targeted manner according to different industrial life cycles and regional economic development stages, enhance the level of international cooperation, boost overseas M&A capabilities to promote the transformation and upgrading of the enterprises, by taking regional characteristics as the guide, implement differentiated cooperation strategies, strengthen the risk management for overseas investment, advocate green development idea and protect the overseas interests of Chinese enterprises by double-side and multi-side investment negotiations.