The signing came during a one-day visit to China by Russian Defense Minister Anatoly Serdyukov, RIA Novosti reported.
A spokeswoman for Serdyukov said the accord involves contracts to supply spare parts for air defense systems, aviation and navy equipment.
Chinese Vice President Xi Jinping told China's Xinhua news agency he hoped the two militaries would increase their efforts to facilitate a China-Russia strategic partnership.
A joint statement signed by Chinese President Hu Jintao and Russian President Dmitry Medvedev in September set the direction for development of bilateral ties.
China attaches great importance to its relationship with Russia and will work to materialize the consensus reached, Xi said.
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