From the three aspects of financing structure, project characteristics and financing environment, the sources of financing risks of constructing sponge city projects are analyzed. According to the risk theory and economic theory, the formation mechanism of financing risks of constructing sponge city projects is established. Combined with the actual situation of constructing sponge cities in China, an index system of financing risks of constructing sponge city projects is formulated based on the SMART principle. The fuzzy analytic hierarchy process(FAHP)is used to measure the weights of financing risk factors, and the controlled interval and memory model(CIM)is combined to measure the financing risks of constructing sponge city projects. The analysis of case studies demonstrates the practicality and effectiveness of the FAHP-CIM in measuring the financing risks. Finally, the relevant recommendations to control the financing risks of constructing the sponge city projects are proposed from the macro and micro aspects.