Tax risks derive from a host country which overseas investors face, is critical to the success of their investments. How to reasonably avoid the pressure of government tax risks, and how to maximize the income is the challenge for investors in question. This paper fist develops a dynamic game model between overseas investors and host countries by considering the taxation and external spillover effects of the overseas investor on host countries, and then explores their strategic interaction skills to seek the optimal investment strategy of overseas investor to respond to the tax risks. The results shows that: host governments usually give a specific tax holidays for overseas investors, then it will reach a steady state, and the equilibrium tax rate and foreign capital stock are all affected by the technology spillovers.