"Normal navigation through the Strait of Hormuz should be maintained, this is in the shared interests of regional countries and the international community," Xi said, according to state broadcaster CCTV.
The Chinese leader has sought to position Beijing as a stable counterweight in the face of the US- and Israeli-led conflict.
China is a major trading partner of Gulf countries and the main buyer of Iranian oil, most of which passes through the Hormuz strait.
Xi also stressed in the call with the Saudi prince that China "advocates for an immediate and comprehensive ceasefire", CCTV reported.