Since the introduction of National Security Review of Investments Regulations in 2009, Canada has gradually built up a dual structure for foreign investment review, in which the national security review is distinct from the net benefit review. Recent years have witnessed a rapid development of Canada’s security review of foreign investments, as reflected in the scope of the review, the review criteria, the review process, and other aspects. In general, two major trends in the evolution of Canada’s foreign investment national security review system can be observed. First, the frequency of application of the national security review has continued to increase; and second, foreign investments made by state-owned entities are now under stricter review. Research on Canada’s national security review of foreign investments can provide reference for both China and Chinese enterprises. At the investor level, investors are suggested to strengthen the compliance capacity building before investing in Canada, and enhance their ability to prevent and control the risks of national security review. At the host State level, China is suggested to enhance the transparency of rules, enforcement and remedies under the current national security review system to improve the business climate.