Based on China’s investment data of 45 host countries from 2006 to 2016，this paper analyzes the impacts of institutional distance on China’s choice of investment location by the investment gravitational model. The empirical results show that the normative distance hinders China’s outward foreign direct investment，which is mainly manifested in that the greater the gap of corruption and democracy, the smaller the size of China’s investment. While the regulatory one has positive impacts on China’s outward foreign direct investment, which is mainly manifested in that the larger the gap of political efficiency and regulation, the smaller the size of China’s investment. By focusing on the regulatory distance, it is found that institutional distance is negative to the marketseeking investment while positive to the investment of resources in the developing countries and strategic assets in the developed countries. Therefore, it is suggested that Chinese enterprises with various investment requirements should make different options of investment location to stimulate implementation and promotion of the Belt and Road Initiative.