This article aims to provide a conceptual and theoretical framework to analyze motivations, dilemmas, and challenges of China's OBOR strategy. The article argues that OBOR could be viewed as China's new geoeconomic strategy. Potentially creating a new, China-led economic, diplomatic, and security system, OBOR has great potential to transform China's domestic and foreign policy. Uncertainties of OBOR are largely due to the fact that China is still uncertain about its role on the world stage. While OBOR is an ambitious plan, it faces many challenges, including security threats, geopolitical competition, and regional backlash. As political logic potentially trumps economic rationales, OBOR might worsen the policy atmosphere of China's market-driven reform. Ultimately, the future of China's economic power will shape OBOR's trajectory.