The “Belt and Road” construction has effectively driven the economic development of the initiative countries, become an important driving force and new growth point for China’s foreign investment, the labor force has become an important carrier of cooperation and exchange, and large-scale industrial cooperation and overseas project layout have put forward higher requirements for the quantity and quality of the host country’s labor force, especially the level of human capital.In this paper, human capital is taken as the research object, and the gravity model is used for empirical research, so as to identify the important indicators related to China’s OFDI and their specific influences. The study finds that, first, from the perspective of gross volume, the improvement of human capital in host countries is conducive to attracting China’s OFDI. Second, from the perspective of structure, the host country’s low level of human capital plays a limited role in attracting China’s OFDI. Third, from a micro perspective, the quality of the host country’s human capital has become an important concern for Chinese enterprises investing abroad. Fourth, human capital plays a more significant role in China’s direct investment in One Belt and One Road countries. The above findings not only provide empirical evidence for China to take the level of human capital of a country as an important consideration in signing the “Belt and Road” agreement, but also provide a realistic reference for the strategic layout of China’s outbound investment in the context of the current promotion of the “Belt and Road” initiative.