This study aims to explore security issues and regional security governance in the Arctic Ocean. Given that the study of ”governance” is still in a preliminary phase, this paper starts with examining the existing literature to offer a definite concept of ”security governance” for the analysis of the Arctic case. Second, it explains the context of security issues, through the examination of geopolitical values, energy economic interests, continental shelf disputes, the Northwest Passage's position, and environmental security. Third, it analyzes the stances of main actors involved in the arctic security affairs, including Russia, U.S., Canada, Demark, and Norway. Finally, it discusses the practices and challenges of developing regional security governance in the Arctic Ocean.