While the global pandemic of the COVID-19 threatens lives, it also has an impact on the global trade and investment. China’s promotion of trade and investment liberalization and facilitation with countries along "the Belt and Road" has encountered the constraints of the tightening of the external environment and the superimposed impact of the pandemic. As the leader of "the Belt and Road", how to examine the promotion of trade and investment liberalization and facilitation under the impact of the COVID-19 has become a significant study. The paper analyzes the new challenges faced by the countries along "the Belt and Road" to promote trade and investment liberalization and facilitation under the epidemic and then proposes policy suggestions. The pandemic has directly impacted the global supply chain, value chain and industrial chain. The pandemic will affect the progress and pace of "the Belt and Road" trade and investment liberalization and facilitation, but the basic judgment remains the same. To promote trade and investment liberalization and facilitation of countries along "the Belt and Road", it is necessary to be aware of the logical consistency of multiple goals. It is also necessary to be aware of the long-term, complex and repetitive nature of the implementation process, and calmly to deal with changes in our subjective and objective perceptions. The paper puts forward the following policy suggestions: Firstly, on the basis of existing multilateral trade agreements, align the rules and measures that are conducive to the liberalization and facilitation of trade and investment under "the Belt and Road". Secondly, make full use of breakthrough role of individual cooperation. It is suggested to strengthen the economic and trade relations between China and FTA countries through bilateral free trade agreement negotiations. Taking the "the Belt and Road"as an important driving force for actively exploring bilateral markets, and using exemplary cooperation results to promote the liberalization and facilitation of regional trade and investment. Thirdly, with the advantages of the existing value chain system and manufacturing advantages, develop differentiated value chain strategies for countries along "the Belt and Road". It is suggested to take"the Belt and Road" as an opportunity to strengthen the trade and investment platform with value chain and create a regional value chain cooperation model. Finally, seize the opportunity for the rapid development of the digital economy during the epidemic, and promote industrial cooperation in the fields of information network, digital economy, cross-border e-commerce and public health between China and countries along "the Belt and Road".