The Looming U.S.-Japan-Australia-India Strategic Dialogue is relatively new in the current international power politics. Driven by more or less different considerations，the four members have different expectation from the dialogue. The so-called “axis of democracy” is an effective excuse for their attempt to counterbalance China’s rising power and influence. The possibility of its realization will probably lead to a new Cold War in Asia and an exclusive effect to those existing multilateral security arrangements in the Asia-Pacific area. It will also make China’s security environment complicated and bring about new uncertainty to the already intricate situation across the Taiwan Strait.