In the early 21st century, the Latin American region was one of the essential vectors of Belarusian foreign policy. The Bolivarian Republic of Venezuela was noted for being the first country of Latin America which established close ties with the Republic of Belarus. The purpose of the article is to study the dynamics of the bilateral relations between Belarus and Venezuela at the present time, to determine the peculiarities of the cooperation between the states, and to identify the factors which affect the interrelation between the countries. The methodological base of the research includes the following methods: analysis, synthesis, chronological, predictive and event analysis.