In the context of economic globalization, the global value chain (GVC) is an inevitable outcome of the global industrial division of labor, and two-way direct investment (FDI) is crucial in the development and restructuring of the GVC. Firstly, four categories of indicators are used to describe the GVC reconstruction, which include the GVC value addition, participation, production length and position. Then, the empirical method is used to test the theoretical framework based on international samples. The results show that OFDI can promote the participation and the length of the home country's GVC. IFDI can only contribute to upgrading the participation of host countries in GVCs. Finally, after grouping test of developed and developing countries in the selected sample, the results show that OFDI can promote the GVC position in developed countries, but has no obvious impact in developing countries. IFDI can promote the upgrading of GVC participation and chain in developing countries. It can provide reference and support for the GVC reconstruction and upgrading in developing countries.