Strategic mineral resources are endowed with the mission of promoting economic transformation and upgrading and improving international competitiveness, and their importance is self-evident. The world is undergoing the greatest changes in a century, the security of strategic mineral resources has also been raised to a higher level of national security. It is very important for us to understand how international capital flows, how multinational companies allocate global resources around strategic mineral resources, and how to improve resource control ability. Closely combined with the major needs of national strategic resources, focusing on the characteristics and attributes of strategic mineral resources, this paper analyzes how global capital “hunts” strategic mineral resources, and studies the impact mechanism of the two. Based on the data of metal mineral resource M&A transactions involving transnational capital in China and major developed countries in recent years, this paper finds that the motivation of transnational capital flow is significantly related to the scarcity of mineral resources. (1) The “hunting” motivation of transnational capital is obvious. Transnational capital not only actively merges scarce domestic resources, but also tends to flow to strategic mineral resources, especially for metal resources which restrict the development of high-tech industry. (2) The “protection” motivation of the host country is obvious. There is a significant “blocking” effect of transnational capital inflow into countries rich in strategic mineral resources, and the host country has strict control over transnational capital inflow in the upstream of strategic mineral resource industry chain. (3) The “check and balance” motivation of transnational capital is obvious. Transnational capital has the motivation to pursue the high-end elements of the value chain. It tries to occupy the top of the value chain and lock the competitors in the low-end of the value chain. Based on the above, this paper puts forward countermeasures to improve the global governance ability of China’s strategic mineral resources from three aspects: monitoring the international capital flow, optimizing the resource supply layout, and improving the level of the strategic mineral resource industry value chain.