Since the formal announcement of “Go Global” strategy in 2000, thirteen years later, China is the third largest ODI source worldwide, following the US and Japan, with 84.2 billion USD ODI flows in 2012. China’s SOEs are playing important roles in China’s “Go Global” strategy, covering over 65 percent projects and 90 percent value in China’s overseas M&As (completed). This article aims at exploring the strategy revolutions of China’s SOEs’ overseas M&A in 2000-2012 and tries to figure out the new changes in three parts: motivations, actions and the results. Based on the database cropped from Thomson One Merge and Acquisition Database and country-level motivation exploration model cited from traditional location choice studies, this article argues that there is no strategic revolution in China’s SOEs’ overseas M&As as natural resource seeking is still the main motivations because more than fifty percent of SOEs are in these natural resource industries. As the private firms are also included to distinguish the specialties of the SOEs, something unexpected is that there are obvious changes in private sectors when it comes to their motivations. There are some positive changes in China’s SOEs’ overseas M&As, such as new acquirers from new industries aiming at new targets (locations and industries), which diversifies the overseas investment of China, more flexible percentage sought in overseas M&As, which may be in favor of China’s overseas cooperation. The average abnormal returns model tells us that the responds in stock market toward China’s overseas M&As changed few in the past thirteen years. The respond is turning to be negative when it comes to China’s SOEs, which might be explained by the political factors in those cases.