Power transition theory points to a shift in power among states within the global system. A change between the hegemonic power and a rising great power would lead to a comprehensive transformation of the global order. Developed by A. F. K. Organski, power transition theory focuses on the potential power transition between the United States of America and the People’s Republic of China in the contemporary global order. It is argued that the Belt and Road Initiative, launched by the People’s Republic of China particularly in recent years, constitutes a significant component of the power transition process between the United States of America and the People’s Republic of China. Accordingly, the People’s Republic of China has implemented the Belt and Road Initiative with the aim of replacing the United States of America, the hegemonic power within the global order. This study claims that the People’s Republic of China does not seek a multipolar system, but rather a power transition vis-à-vis the United States of America. Ultimately, it is clarified that the Belt and Road Initiative is not merely a development and geopolitical project.