Russia is a very important trade partner to China in the“One Belt and One Road”Initiative. The agricultural product market potential of Russia is tremendous, which gives much room to China’s agricultural product exports to Russia. Based on the theoretical framework of the VAR model, this paper mainly analyzes the growth of agricultural trade between China and Russia from year 1996 to 2013 from the perspective of extensive and intensive margins. The result shows that China’s agricultural export trade expansion to Russia is mainly achieved along the intensive margin. The empirical result also shows that gross domestic product of Russia and agricultural productivity exert opposite effects on extensive and intensive margins, while agriculture investment of China has a positive effect on both extensive and intensive margins. According to the theoretical analysis and empirical research, China needs to actively make use of New Development Bank and Asian Infrastructure Investment Bank under the “One Belt and One Road” Initiative to increase investment in agricultural production and research, and improve agricultural technology innovation ability.