Fifteen years have passed since the establishment of a “strategic cooperative and partnership” in 1996; and the year 2011 marked the tenth anniversary of the “Treaty of Good Neighborliness and Friendly Cooperation” between the People’s Republic of China and Russian Federation. During this period, a variety of significant changes have taken place in both countries, especially in the field of energy. The goal of this study is to provide a comprehensive analysis of historical development of China and Russia relationship in the energy sphere, specifically China’s energy potential, its role in the economy and relationship with Russia. Moreover, the thesis aims at analyzing the forthcoming perspectives of the China-Russia relationship with the regard to other Western countries (such as US). China and Russia are interested in enlarging bilateral cooperation in a variety of areas; the states share a number of mutual interests concerning regional and international security and stability. Chinese observers characterize China-Russia relations as warm on the governmental level, cold on the historical level, and weak on the economical level.