This article is focused on the analysis of the intational cooperation of the Russian petroleum industry and its development trend. Also discussed here are the patts that the foreign oil companies used in acquiring Russian petroleum assets, and the cooperation models of petroleum exploration and production in Russia. The Russian govment encourages foreign oil companies to establish strategic alliances with domestic companies that keep good relations with the govment. To achieve this goal, the govment provides foreign companies with the space for cooperation in such aspects as advanced technology and management culture. Intational cooperation in petroleum industry will be further developed under the macro-control of the Russia State energy strategy. The energy cooperation between China and Russia will enter a new phase full of hopes and challenges after the past unfavorable situation is gradually overcome.