In this study, a corpus-driven critical discourse analysis was conducted on the “Annual Report to Congress: Military and Security Development involving the People’s Republic of China (China Military Power Report or CMPR)” to identify the major concerns and embedded diachronic changes of CMPRs over the years. Analysis of the keyword lists of the three corpora showed that China’s great advances of military powers and increased military activities in the past two decades can be confirmed, that the People’s Republic of China seems to be gradually acknowledged as the sole legitimate representative of China, and that China’s military power development is increasingly related to America while the role of Russia changes greatly and is fading away in the military development of China. Analysis of the collocates of China across the three periods identified a number of major concerns of CMPRs. In addition, it revealed that more concerns are paid to China’s military strategies and territorial disputes while China’s military arsenal and the Taiwan issue are comparatively receiving less attention, and that the negative attitude held by CMPRs towards China’s military strategies and its moves against Taiwan is persistent across the three periods. As for the collocates of America, the analysis showed that the confrontation and communication between China and the U.S. increased over the years, and that the prosody of CMPRs changes from negative in the Jiang Zemin period to relatively positive in the Hu Jintao period, and then to negative in the Xi Jinping period. Regarding the fact that China is being constantly accused by CMPRs for being ambiguous with its military strategies, this study also discussed the possible reasons, namely, the lack of a consensus on military transparency evaluation measures and the need for China being a rising power to deter possible interventions from the US. Moreover, for the negative statements regarding China’s moves in settling the Taiwan issue, this study particularly stressed that to maintain the power balance across the strait via arms sales is problematic and may lay grave danger to the stability of this area.