The People’s Republic of China’s “One Belt – One Road” initiative has been rather fully analyzed in the research literature. However, until now, the full chronology of this Initiative has not been presented in Russian historiography. In the article, the authors analyze transformation of the “One Belt – One Road” Concept using a chronological approach. The article also uses a systematic approach, analysis of the current situation, and the method of situational analysis. The development of the Initiative, the regulatory framework, as well as the regular international Belt and Road forums held by China are examined. In addition, the article pays special attention to Russian-Chinese relations, since they become part of the implementation of the project. Special attention is paid to the challenges and promising areas of the Initiative. The authors come to the conclusion that the Concept can be considered as a global geopolitical project; it has suffi cient potential for development in the Eurasian region, and can also become a part of a multipolar world order.