The sudden COVID-19 epidemic in 2020 has impacted greatly on the world economy. Not only did China and Japan face the risk of a downturn in the domestic economy，but also caused a huge setback in the Sino-Japanese economic and trade cooperation that began to recover since 2017. On the one hand，the COVID-19 epidemic provides an important opportunity for China-Japan economic and trade cooperation，that is，to promote regional economic integration，third-party markets and cooperation in key areas，further strengthen the economic interdependence between China and Japan，and help reverse the current situation of China’s trade deficit with Japan. On the other hand，Sino-Japanese economic and trade cooperation is also facing many challenges，that is，the reversal of the strength of the two sides has deepened the competition for economic dominance in Asia，the risk of conflict in the manufacturing sector has increased，the competition in the value chain has intensified，and the impact of the Sino-US game. In the face of opportunities and challenges that have not been met in a century，China and Japan should seek to avoid disadvantages and adopt win-win cooperation measures.