Riyadh was Li's first stop in a regional Gulf trip that will also take him to the neighbouring United Arab Emirates.
In the Saudi capital, the two leaders discussed "the bilateral cooperation between the two countries, particularly in the fields of politics, security, commerce, energy, investment, culture and technology", the official Saudi Press Agency reported.
Key US ally Saudi Arabia has in recent years sought to forge closer ties with Beijing, which has also sought to deepen its economic and diplomatic relations with Middle Eastern countries.
China accounts for nearly a quarter of crude oil exports from Saudi Arabia, the world's largest crude exporter.
Earlier on Wednesday, Li attended a meeting on economic cooperation with business leaders and officials.
The Chinese premier told El-Ekhbariya state TV that "my visit to the kingdom aims to push the bilateral relations to their highest level".
Last year, China facilitated a historic rapprochement between Saudi Arabia and Iran.
China has also positioned itself as a more neutral actor on the Israeli-Palestinian conflict than its rival the United States, advocating a two-state solution while maintaining good ties with Israel. In late July, Beijing hosted Palestinian leaders from rival factions.
The Chinese government has pointed to the Middle East as a key node in its Belt and Road infrastructure initiative, a central pillar of leader Xi Jinping's bid to expand China's clout overseas.
Experts say Prince Mohammed may seek to enlist China or Chinese firms in Saudi mega-projects such as the futuristic desert city of NEOM.
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