For Australia and Japan, the rise of China is not only an opportunity for their economic development but also a political and military challenge to their security settings. The question of how to seize the opportunity and mitigate threats is therefore an important diplomatic test for both sides in the Indo- Pacific region. Moreover, Australia and Japan’s national security has been guaranteed since World War II through a treaty of military alliance with the United States. In the face of China’s active expansion and concerns about the resurgence of American isolationism, Australia and Japan have been actively developing bilateral security relations in recent years, adopting a “hedging” approach that impacts international and regional multilateral relations based on their bilateral ties. Generally speaking, the intersubjective perception of threat by a state is crucial in shaping its behavior and interaction with the international community. Within this context, the main focus of this article is to examine how Australia and Japan reached a consensus on establishing bilateral security relations and how this consensus is constructed. To address this question, the paper aims to analyze it through the concept of “hedging” in the field of international relations.