Abstract: Purpose/Significance This paper is aimed to explore the overall linkage relations between the international crude oil market and the international stock market, speculate the market trend during the crude oil price slump, and further improve investors’ energy awareness and national management of energy security and financial security. Design/Methodology R-Vine Copula model is used to describe the complex dependence structure between the international crude oil market and the international stock market in this paper. Conclusions/Findings The results suggest that India, South Korea and Russia, etc are firstly influenced by the oil price slump. In addition, due to the impact of oil price fluctuations, there are different degrees of risk spillover among stock markets of different countries, which leads to further expansion of the influence of crude oil fluctuations. Finally, the study finds that the influence of oil price fluctuations on oil-exporting countries is stronger than that on oil-importing countries.