Since the end of the Cold War，the West and China have had diverging interpretations of “security environment.” China tends to define security from the perspective of development，while the West’s definition concerns external threats to security. In Chinese circumstances，the understanding of security environment has evolved from simply military to a more comprehensive one covering military，politics，economics and public opinions. This article develops a theoretical framework to analyze China’s peripheral security environment in the new era，and constructs an indicator system to evaluate it. The indicator system consists of the political security environment，military security environment，development security environment，public opinion security environment，and China’s periphery strategy，drawing upon the theories of Realism，Liberal Institutionalism and Constructivism. Furthermore，this article analyzes indicators through dimensionless methods based on the databases of the World Bank，the “Foreign Relations” database of the Institute of Modern International Relations at Tsinghua University and the People’s Daily，and compares three peripheral security environment scenarios. The result shows that in a general sense，China’s peripheral security environment has improved over the past decades. However，the situations after the 2008 global financial crisis have diverged，and different theoretical perspectives provide very different images. It seems that China has entered a very different environment，and for stable security environment in the future，China needs to cooperate with neighboring countries.