Based on the data of 1891 investment projects of Chinese listed companies, the article studies the relationship between internationalization experience, host country environment and the choice of the company ’s overseas investment location. The study finds that in the decision-making of the location selection of the company's overseas investment, the internationalization experience and the host country's environmental conditions are complementary and alternative relations. The internationalization experience actually downplays the positive effect of the endowment factor of the host country and the negative effect of the cost factor of the host country in location decision-making, This allows multinational companies to make more decisions based on internal resources, which makes some previously unattractive host countries also possible destinations for investment. This discovery is different from previous perceptions.