Political risk is always a sensitive and complicated issue for MNCs, especially for those corporations running political goods and strategic materials such as oil. Nowadays, political risk has transferred from the traditional form such as war,expropriation, nationalization to the nontraditional form which is more complicated and covert over the world. With the evolvement, oil MNCs must identify the risks and make appropriate strategy adjustment to avoid political risks. On the basis of reviewing the theory of political risk and the character of risk transfer, this paper analyses the political risk of overseas management strategy confronted with Chinese oil corporations and discuss the avoidance way from strengthening the risk valuation, entering the region on strategic choice, the appropriate arrangement of a share and constructing the international strategic alliance and enhancing the internal management.