The political risk considerations are critical to overseas investment projects. The Myitsone Hydropower Project, as one of the overseas investment projects of China's hydropower enterprises, is definitely representative. The political risk factors for the delay of the Myitsone Hydropower Project involve multiple levels: lack of rational political risk assessment systems, lack of awareness of public relations, deficiency of process risk assessment, lack of sensitivity to the local culture and public opinions, and lack of independence of enterprises and risk sharing consciousness. Through the analysis of the case, the countermeasures for the political risk of the overseas hydropower projects using China's investment are investigated from the dual perspectives of government and enterprises.