This paper aimed at analyzing the major issues on the agenda of the educational reform in China and Russian federation in thelast decades with special focus on administration and finance of education systems, by reviewing major articles, journals, policydocuments and reports published by the scholars, governmental, non-governmental, national and international organizations.The findings of the paper pointed out that the political and economic backgrounds of these countries were similar but the waysthey followed for reforming education were quite different because of the political and economic situations affecting educationsystems.