Along with the proposal of "the Belt and Road" Initiative, energy connectivity has become an essential component of China's overseas cooperation. In "the Belt and Road" energy cooperation, it is of great significance to depict and compare the cross-border relations from the dual perspectives of direct energy trade and embodied energy transfers. The main conclusions include: (1) From the direct perspective, countries such as Saudi Arabia and Russia are essential energy importers of China; (2) From the embodied perspective, China provides a large amount of energy-intensive products to countries such as India, Singapore and Thailand within "the Belt and Road" region; (3) China's direct energy trade with "the Belt and Road" region is in deficit, while the embodied energy transfer is in surplus; (4) Through synthetic consideration of direct energy trade and embodied energy transfers, China can further extend the radiating effects of different energy relations, and provide a solid foundation for energy connectivity and cooperation partnership between China and "the Belt and Road" countries.