On February 17, 2009, known as “loans-for-oil” large-scale Sino-Russian pipeline project has been determined. This marks the 15-year petroleum game has finally broken through various difficulties and has gained a good result. Looking back to the Sino-Russian games for petroleum resources during the past 15 years, each round negotiation is an issue of national interests against each other, each agreement reflects the negotiation of the two sides to seek win-win compromise. This article will collate the Sino-Russian energy cooperation systematically from a perspective of game theory and make a case study of Russia’s Pipeline Project in the Far East. The main content includes dispute over oil pipelines, oil pricing mechanisms and other aspects of negotiation. This article tries to extract the essence of game strategy and explore cooperative factors behind competition. Meanwhile, based on this, the author has pointed out the future direction of Sino-Russian energy cooperation is still a “game - dilemma – coordination” mode.