Expropriation risk and exchange rate volatility are an important factor affecting FDI level of a country, the effect is different from different countries and time. This paper systematically studies the impact of expropriation and exchange rate risk on FDI by using 61 countries along the Belt and Road panel data from 1984 to 2016. The results show that, in general, the rise of expropriation risk and exchange rate volatility of a country surely causes the decline of its FDI, that the estimated results by using different methods and different expropriation risk measurement indexes are consistent, the raising of property right protection quality is helpful for FDI increase of high income countries but has insignificant effect on lower income countries. No matter low income countries or high income countries, exchange rate volatility has negative impact on their FDI. All countries along the Belt and Road should continuously raise property right protection quality, and actively sign double (multiple) sides trade cooperation agreement so as to effectively decrease expropriation risk. In the process of investment at abroad, the enterprises should recognize and actively respond to exchange rate volatility.