In the call, the two leaders discussed "numerous topics," and Trump committed to honoring the "One China" policy at Xi's request, the White House said.
Since his election in November, President Trump has challenged Beijing over several issues and, most controversially, upended decades of diplomatic protocol by questioning longstanding American policy towards Taiwan.
Paul Haenle, director of the Carnegie-Tsinghua Center based in Beijing, said the call was a positive step that would allow the two countries to address challenges like North Korea and trade relations.
"Trump played with the notion of using this arrangement as leverage, but I think he was convinced -- I suspect by the new Secretary of State Rex Tillerson -- that this is not where the US administration can get leverage," said Haenle, a former National Security Council China director under Presidents Bush and Obama.
"The 'One China' policy is not a card on the bargaining table — it is the table itself. Taiwan is also a vital US partner and thriving democracy of 23 million people. Its future is not ours to bargain away," Haenle added.
In response to the call, Taiwan's presidential office said it would "maintain close contact and communication" with the US.
'Bare minimum'
Ashley Townshend, a research fellow at the United States Studies Centre at the University of Sydney, said the phone call wasn't necessarily a sign of a "more conciliatory approach from the Trump administration towards China."
"It's the bare minimum for the two sides to progress. This removes self-imposed obstacles -- Trump's own recklessness. But it's still likely to be an abrasive relationship -- there's still a very hard line on China, North Korea sanctions enforcement and the South China Sea," he said.
Shen Dingli, a professor of international relations at Fudan University in Shanghai, told CNN last month that Taiwan is a red line for China's leaders.
"We cannot do Taiwan as a bargaining chip," he said.
'Countless challenges'
According to China's Ministry of Foreign Affairs, Xi told Trump that the two countries faced a complex global landscape and countless challenges making it even more necessary and urgent for China and the US to strengthen cooperation.
Xi also said he appreciated Trump's emphasis that the US government would abide by the "One China" policy.
The readout released by the White House described the call as "extremely cordial," and said "representatives of the United States and China will engage in discussions and negotiations on various issues of mutual interest."
The two leaders also extended invitations to meet in their respective countries.
CNN's David McKenzie, Steven Jiang, Yuli Yang in Beijing contributed to this report.