Abstract: In the context of foreign strategic investors increasing first and then decreasing stock shares, research on whether the introduction of foreign strategic investors can help financial stability has important practical value. By using a dynamic panel data model, this paper analyzes how foreign strategic investments affect bank risk taking based on the perspective of heterogeneity. The results show that foreign strategic investments can discourage Chinese banks’ risk-taking behavior by introducing advanced concepts and risk control technology, and improving banks’ governance mechanism. The distributional effects of foreign strategic investments on bank risk-taking due to individual bank characteristics reveals that the impact of foreign strategic investments on risk assets is strengthened for banks with higher capital adequacy. Therefore, how to accelerate implementation of deeper cooperation with foreign strategic investors became a key issue of Chinese commercial banks in the post-financial crisis era.