The Mongolian economy depending heavily on export of mining products got hit by the price slump of commodities. Mongolia is now vexed by trade deficit，fiscal deficit and decrease of incoming investments. Being a resources-rich but underdeveloped country，Mongolia suffers restrictions of poor infrastructures on the production and export of its resources. Effective influx of capital and technology will help to transform Mongolia’s mining substantively. “The Belt and Road” Initiative can connect with the policy reforms carried out in Mongolia，paving the way for deeper and more practical cooperation in various sectors. In concrete projects，the two sides still have to work together to resolve a series of issues to smooth their cooperation.