Abstract: This paper uses the data of foreign direct investment of Chinese listed companies from 2013 to 2017 to study the impact of direct investment in the Belt and Road countries on enterprise innovation from the perspective of host country characteristics. The study finds that direct investment in the Belt and Road countries can promote innovation of Chinese listed companies through a variety of reverse innovation spillover channels, among which the peripheral technology stripping channel has the greatest impact, the R&D cost sharing channel has the less impact, and the research and development results feedback channel has the least impact. After the Belt and Road Initiative initiative, this promotion is more significant. The characteristics of the host countries have an important impact on the reverse channels of enterprise innovation, and the effects of different characteristics vary. The paper further shows that there are significant differences in the influence of different host country characteristics on the original innovation ability and imitation innovation ability of Chinese listed companies. Finally, the paper also finds that the degree of influence of the direct investment in the Belt and Road countries on enterprise innovation first decrease and then increase. The research conclusions provide policy inspiration for Chinese listed companies to participate in the Belt and Road construction and scientific and technological innovation cooperation.