This paper first analyzes Australia’s mineral products trade growth and trade structure. Then it analyzes relative trade advantages of mineral products of China and Australia by using the RTA index. Finally, using OBC index, the paper analyzes the actual trade relations of mineral products between China and Australia. The outcome shows, with differences on resource endowment, mineral product advantages of China and Australia are different. Australia’s advantage is more outstanding. The long-term mineral product trade relations between China and Australia are complementary. Such complementarities show trade cooperation of mineral products between China and Australia has latent force to develop. In the future, China should strengthen cooperation with Australia in mineral resources through various channels.