Using the HS92 two-digit code data in UN Comtrade database of Sino-Australian agricultural product trade from 1995 to 2014, the export similarity index, index of revealed comparative advantage, trade complementarity index and trade intensity index, this paper discussed the current situations of Sino-Australian agricultural product trade from the perspective of competition, complementarity and the growth potential. Results show that the export of Australian agricultural products and import of Chinese agricultural products are highly complementary, and the complementarity index is greater than that of export of Chinese agricultural products and import of Australian agricultural products. China and Australia exhibits close trade relations in many agricultural products and there is a strong complementarity between them, but part of the competitive agricultural trade relationship is not close, and the two countries have great potential in the agricultural product trade.