The passage of the Measures for the Security Review of Foreign Investment marks China’s national security review of foreign investment coming into a more mature stage. However, its system content stresses much in the procedural perspectives. The national security review of foreign investment is a type of administrative licensing. Improving the allocation of power and responsibility, disclosing decision-making procedures and opening up communication channels are the direction of improving the national security review system. In order to better balance national security and investment freedom, the principle of due process should be used to improve the national security review of foreign investment. In terms of procedural rules, three major procedures are formed: case retrieval, administrative openness and hearing. In terms of substantive rules, fairness should be directly taken as the yardstick to measure procedural propriety. Non-discriminatory principle, accountability and negotiation with foreign investors should be installed.