After 'Zhou Chuchu (走出去, Go global)' in the early 2000s, and with the 'One-to-One Road' initiative in 2012, China's Overseas Foreign Direct Investment (OFDI) has increased significantly, resulting in high academic interest. The purpose of this study is to analyze the impact of national risks of home country on China's OFDI by using data from 49 countries along the 'One-to-One Road' between 2007 and 2018, and to compare the factors of national risks that attract investment from the world. As a result of the study, market economy companies' perceptions of national risks are mostly negative, so risk acts as a deterrent to investment. On the other hand, national risks of home countries have had positive effects on China's OFDI, which would mean that Chinese investors, mostly state-owned enterprises have a high tendency to invest in regions or countries with high national risks. Other economic factors, such as the size of the investment partner country's market, GNI per capita, and trade openness, had a positive (+) effect, and natural resources had a negative (-) effect on China's OFDI. As dummy variables, FTA, which is an economic and diplomatic factor, SCO, which is a political and diplomatic factor, and bordering which is a geographical factor, were also found to have a positive (+) effect. This study implies the investment pattern of China's OFDI is due to the characteristics of China's unique geopolitical and economic system, and it is judged to be influenced by political and strategic factors, especially the aspects led by state-owned enterprises.