Based on the first-hand data obtained by the authors from actual investigations in countries along the “Belt and Road” region and China's neighboring countries, this article scientifically categorizes various legal risks that Chinese enterprises currently have met in “Belt and Road” investment, project contracting, and commerce, and analyzes in detail the institutional reasons, social factors and various subjective and objective influencing factors that induce the above-mentioned legal risks, especially for the completeness of the investment, project contracting and commerce related legislation, the strictness of law enforcement and judicial impartiality. The authors accordingly point out that Chinese enterprises must understand various legal systems outside the territory, such as rights protection mechanisms, environmental reliability, and related legal and cultural traditions and other risk factors, in order to participate in transnational  projects more safely and effectively. At the same time, Chinese enterprises should actively maintain close contact with the legal service or business service agencies of Chinese embassies and consulates abroad, seek effective help from Chinese legal service agencies or overseas legal agencies, and make full use of the current international arbitration mechanism to protect their legal rights in accordance with the law. Only by establishing the awareness of compliance and fully and meticulously verifying the legal feasibility of various projects can the enterprises effectively avoid various investment, project contracting, and economic and trade risks. In addition, to meet the requirements of safeguarding the rights and interests of overseas Chinese enterprises and citizens, it is necessary to establish a global legal service network and alliances for Chinese enterprises and citizens. Only when legal services are effectively followed up can the implementation of the “Belt and Road” initiative be stable and effective.