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Because the Belt and Road Initiative was proposed by only one country—China, most of previous studies have adopted a state-centered economic perspective to understand it. However, this perspective is inadequate to grasp this project that is designed to involve actors other than nation-states in at least 60 countries. This paper tries to comprehend the Initiative from the globalization perspective. After proposing a globalization-constituting theory, this paper argues that the Belt and Road Initiative should be considered as part of the globalization-constituting process, because even though it is launched mainly by China, the Belt and Road Initiative has global relevance and involves multiple agents at multiple levels, and its contents are consistent with the structural tendencies of the globalization process. Furthermore, the Belt and Road Initiative implies a realistic approach to globalization, which would lead to a better globalization