At the 19th National Congress of the Communist Party of China, President XI Jinping advocated the development of a community with a shared future for mankind (CSFM). He said China undertakes its efforts to safeguard world peace, contribute to global development, and uphold international order. He also pictured an open, inclusive, clean, and beautiful world that enjoys lasting peace, universal security, and common prosperity. Among various fields of international governance, outer space is one in which the concept of CSFM is most successfully applied, with the concept written into two General Assembly resolutions. This lecture addresses the value of CSFM in guiding the international governance of outer space, and the challenges and opportunities in the building of a CSFM of outer space with respect to securing coexistence, addressing common concerns, and achieving common prosperity. It is proposed that the international community should conclude a treaty to prevent an arms race in outer space, respond to common challenges such as the increase of space debris and the danger of near-Earth objects, and explore and exploit mineral resources in outer space in an equitable and inclusive manner.