The Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives (“One Belt, One Road”) are of significance in enhancing China’s open economy. This article explores the dual security challenges faced by the “One Belt, One Road” initiative. These challenges include both traditional security challenges, such as great power competition, territorial and island disputes, and political turmoil in the region, as well as non-traditional threats such as terrorism, piracy, and transnational organized crime. This article analyzes the present situation of security cooperation in the region covered by “One Belt, One Road” and also suggests that China needs to pay special attention to three issues, namely the supply of public security goods, the interests of the United States and Russia, and the pivot of Pakistan, besides developing its own strength.