The sponge city construction is the integrated treatment concept for urban water problems proposed by China's government based on the practical situations and also the Chinese proposal. It is of great significance to promote the utilization of rainwater resources, to enhance the function of urban ecosystem, and to alleviate the urban water-logging. Based on the analysis of the complex characteristics of sponge city construction system, the potential problems and risks in the planning, design, implementation, operation, maintenance, investment and financing phases are discussed from the perspective of lifecycle. Learning lessons from the advanced international experience in the urban water problems, the establishment of the corresponding core management and control mechanisms is discussed, including collaborative management mechanism, incentive and supervision mechanism, integrated operation and maintenance mechanism, investment and financing mechanism, and PPP application. It aims to provide reference for the risk management and control in the practice of sponge city construction in China.