Based on the characteristics of water conservancy projects in PPP mode different from those of other infrastructure construction projects, the risk factors in PPP hydropower projects are analyzed. The risk evaluation indexes are formulated from six aspects of market risk, political risk, legal risk, financial risk, construction risk and operational risk. The risk evaluation model is established by using the fuzzy analytic hierarchy process. The dominant risk factors of the water conservancy projects are investigated, and the relevant conclusions and suggestions are put forward.