Sino-Russian oil cooperation is of great significance to Sino-Russian oil security. This research evaluates the evolution pattern of China’s external oil supply risk and Russia’s export risk in 2005-2016 and the impact of Sino-Russian oil cooperation on Sino-Russian oil security. It was obtained: The concentration degree of China’s oil import is gradually decreasing, Russia plays an important role in balancing China’s external oil supply and reducing its concentration. When bringing in oil export potential (OEP), China’s external oil supply risk shows the trend of wavy increase, and the continued declining OEP of Russia increases the risk in a certain degree. When bringing in oil price (OP), China’s external oil risk shows an M-style decrease, and the sanction against Russia by western countries led to cliff drop of OP, which led to sharp fall of risk in the short term. The concentration degree of Russia’s oil export shows a wavy increase. The increasingly important role of China in the Russian oil export market (OEM)exacerbates the concentration degree. When bringing in oil import potential (OIP), Russia’s oil export risk shows an M-style increase, and the positive effect of China’s exuberant OIP has largely counterbalanced the negative effect of the continued declining OIP of other major Russian oil export markets. When bringing in OP, Russia’s oil export risk shows an M-style increase, especially under the sharp fall of OP in recent years, the risk increases dramatically.