Dramatic changes, mainly caused by global warming and globalization in recent decades, have been evident in the Arctic. The peace and stability of the Arctic, scientific research in the region, potential business opportunities and international governance have sparked widespread attention and debates around the globe. The joint establishment of the Polar Silk Road (PSR) is tantamount to international cooperation initiative between Russia, China and the related Arctic countries, which is intended to achieve common development and joint governance of the Arctic through knowledge accumulation, helps to promote interconnectivity and sustainable development in the region. As a part of China’s Arctic policy and cooperation between Eurasian Economic Union (EAEU) and the Belt and Road Initiative (BRI), China focuses on the coordination of national interests and strategies of relevant states regarding development of Arctic sea routes and infrastructure, prioritizes knowledge accumulation and scientific research as the guiding principle for cooperation, promotes green technology solutions and humanistic concerns, and recognizes the PSR cooperation as a new growth pole for China-Russia pragmatic cooperation. However, due to fragile natural environment and political, economic and social sensitivities of the Arctic, significant interference of global and regional geopolitics, potential challenges of global environmental politics, Acknowledgement and capacity gaps between participants, economic and technological uncertainties are major challenges for feasibility and efficiency of cooperation, requiring more in-depth scientific research, comprehensive assessments and regular coordination and communication between all stakeholders.