With　the　importance　of　sustainable　development　widely　accepted,　the　relationship　between　natural　capital　utilization　and　economic　development　has　become　a　global　focus.　This　study　analyzes　the　relationship　between　the　utilization　of　natural　capital　and　economic　development　in　the　countries　along　China＇s　＂Belt　and　Road＂　initiative　using　a　panel　regression　model.　The　results　show　that　the　labor　force,　rural　and　urban　populations,　and　exports　and　imports　have　a　significant　impact　on　both　natural　capital　consumption　and　economic　development.　However,　the　impact　of　exports　and　imports　on　economic　development　here　is　contrary　to　economic　theory　and　experience.　We　also　find　that　there　is　still　resource　dependence　in　economic　development　and　that　natural　capital　consumption　has　a　long-run　impact　on　it.　To　address　this,　the　＂Belt　and　Road＂　countries　should　adopt　comprehensive　national　and　regional　measures　to　build　a　mutually　beneficial　cooperative　mechanism　and　trade　environment.