This paper mainly explores the implementation path of state-owned enterprises’ foreign trade strategy under the new circumstances. By analyzing the current situation of state-owned enterprises’ foreign trade development, the core characteristics of state-owned enterprises’ foreign trade development, and the severe challenges in state-owned enterprises’ foreign trade development, combined with case studies and practical experiences, a diversified strategic implementation framework consisting of strategic positioning, market layout, industrial upgrading, business model innovation, and risk prevention and control is constructed. The research results show that state-owned enterprises need to balance national strategies and market-oriented operations. Starting from improving the global market system, enhancing the high-end position of the value chain, accelerating digitalization and green transformation, and establishing a full-process risk control system, they can effectively respond to external challenges, cultivate new advantages in international competition, and achieve high-quality development of foreign trade.