The world today is marked by unprecedented changes in a century, and the international science and technology (S&T) cooperation is in an intertwined state of cooperation and competition. Sino-Russian S&T cooperation has a long history with sound foundation and broad prospects on the common goal of integration of S&T and economy. This paper analyzes the new background of Sino-Russian S&T cooperation, including the establishment of a comprehensive strategic partnership between the two countries, facing together the "technological cold war", and the common S&T challenges in the post COVID-19 period. The new goals of Sino-Russian S&T cooperation include the integration of S&T and economy, strengthening basic researches, and creating an innovation ecosystem. In view of the new background and the new goals, it is proposed that Sino-Russian S&T cooperation should adhere to the goal of economic growth, highlight the cooperation orientation of the effective connection of the industrial chain and the innovation chain, consolidate the cooperation basis that reflects the comparative advantages, and expand the cooperation methods based on the elements in the innovation system.