The wide spread of COVID-19 and the sudden outbreak of the conflict between Russia and Ukraine have an overall and systematic impact on the international political and economic situation and the international configuration, which not only brings severe challenges to global governance, but also provides an opportunity for its transformation and innovation. Building on an analysis of the current dilemma facing global governance the current dilemma of global governance, this paper puts forward the theory of “governance based on Heheism” a framework that transcends the limitations of Western-centric global governance theory. “Governance based on Heheism” is guided by “Hehe” (peace-cooperation) as its core orientation, grounded in normative paradigm of peace-cooperativism as its theoretical foundation. It rests upon two fundamental assumptions that the ultimate goal of human history is peace and harmony and that peace-cooperation is the essence of the evolution of the universe as well as the root of the overall order of all things. It adheres to the key principles of co-consultation; joint contribution, and shared benefits. In comparative perspectives with diverse global governance theories, governance based on Heheism highlights key features rooted in Chinese wisdom: the inclusiveness of governance actors, the pluralism of governance structures, the openness of governance processes, and the fairness of governance value orientation. In practice, it has evolved into three governance models, namely the “community by Heheism,” “community by polymerization,” “community by competition,” which together demonstrate the practical feasibility of genuine multilateralism. These models display the enduring vitality of Chinese wisdom and offer concrete pathways for implementing “governance based on Heheism.” “Governance based on Heheism” is not only a beneficial exploration of a Chinese approach to global governance; but also a constructive continuation of humanity’s ongoing efforts to build a shared future and a more inclusive global order.