“The Belt and Road” initiative has already created significant influences towards China’s neighboring diplomacy and Asia’s development since Chinese leaders first came up with this initiative in 2013. In the field of China’s neighboring diplomacy，the conception of “the Belt and Road” has instilled new vitality and vigor into the theories and practices of China’s diplomatic activities towards its neighboring countries，and is effectively integrating the two major ideas for China’s neighboring diplomacy：“active westward pioneering” and “breakthrough on the seas”. In this way，it contributes to China’s current effort to coordinate its neighboring diplomacy and China’s frontiers. In the field of Asian development，“the Belt and Road” can promote the interconnectivity between the different systems of infrastructures of Asian countries，facilitate the trade and investment between these countries，and particularly，propel the post-war reconstruction and economic development of underdeveloped Asian countries such as Afghanistan and Sri Lanka. Finally，it can create a platform for Asian countries along “the Belt and Road” to bring their comparative advantages into full play. In the meantime，“the Belt and Road” is also faced with five potential risks，so China should fully anticipate the future uncertainties and make good preparations to tackle them.