Whether Russia is suffering from “Dutch disease” has been a focus of debate in the academic community in recent years. Based on the theoretical model of “Dutch disease” and empirical analysis approaches including co-integration test, this article has discussed whether Russia is suffering from “Dutch disease” from three aspects: whether rising international oil prices led to the exchange rate appreciation, whether the “de-industrialization” phenomenon is appearing in the manufacturing sector and whether the wages are rising. According to the empirical analysis results, the author draws a conclusion that there exists a certain degree of “Dutch disease” phenomenon in Russia.