The two companies said on Tuesday that China Film would make an "eight-figure equity investment" in two upcoming films, "Seventh Son" and "Warcraft."
The exact amount was not specified.
"Seventh Son" is a fantasy adventure starring Jeff Bridges and Julianne Moore. "Warcraft" is based on a video game.
If approved for release in China, China Film would distribute the movies under current rules and regulations for foreign films, which are tightly controlled.
The projects are the first since Legendary and China Film teamed up last year.
Hollywood studies are keen to move into China, now the world's second biggest movie market.