As a widely used way of dispute settlement, international commercial arbitration often appears in large cases of transnational insolvency, which coincides or intersects, even conflicts with the insolvency procedure. When international commercial arbitration is conducted in a third “neutral”country, the attitude of the international commercial arbitration tribunal and the influence of the domestic court are uncertain. On the one hand, in most cases, international commercial tribunals outside the region attach more importance to the insolvency procedure than ignore them. On the other hand, due to the lack of a unified substantive law to regulate transnational insolvency in the international community, domestic courts have different approaches to deal with transnational insolvency cases. There are mainly three models: the United Nations model, the European Union model and other models. On the whole, the international community has shown an active tendency to carry out international cooperation in the conflict of transnational insolvency and extraterritorial international commercial arbitration. Based on this, with the Belt and Road Initiative advancing vertically and horizontally, China also needs to further improve relevant legislation and justice on this issue and integrate into the world economy with a more open attitude.