Abstract: Natural gas is the most reliable energy source under the trend of energy transition. In the context of the increasingly fierce energy competition, it is of great significance to step up the research on the new situation of key natural gas resource countries to support China’s new energy security strategy and realizing “dual carbon” goals. East Africa has been home to major natural gas discoveries since the 21st century. Mozambique is endowed with great natural gas resources potential and has witnessed a series of major natural gas discoveries in recent years, which is expected to become a key natural gas exporter in Africa. Based on the analysis of resource potential and exploration and development status of Mozambique’s offshore natural gas and a “SLPET” analysis framework, a multidisciplinary research on the investment environment of offshore natural gas industry of Mozambique is conducted from social, legal, economic, political and technical perspectives. It concludes that Mozambique presents a great resource potential but low level of exploration and development; with a superior geographical location, it’s expected to become a regional natural gas distribution center and LNG corridor. The regional instability is also improving; the legal environment for oil and gas investment is flexible, exerting great opportunities for foreign enterprises; Mozambique needs to address its economic difficulties by natural gas development and attracting foreign investment; the policy regime is stable, but the competition with other countries is getting fierce; the weakness in infrastructure lifted the exploration costs, which created favorable opportunities for China’s experience in infrastructure construction. The overall environment for the development and utilization of natural gas in Mozambique is favorable. It is recommended to strengthen cooperation with Mozambique in basic research of deep-water gas, make full use of the existing cooperation platforms and mechanisms, and strengthen the economic evaluation and feasibility analysis of potential cooperation zones; to step up risk prevention efforts with multiple measures; to promote the nurturing of a “soft environment” and consolidate the foundation for cooperation.