Abstract: This paper presents an analysis on construction schedule risks of diversion tunnels using a correlated schedule risk analysis model (CSRAM) considering correlation between risks and correlation between activities and assuming uncertainty in the duration of the activities that cause the risks. In this model, the risks are identified and qualified and their probability distributions are estimated, using the method of work breakdown structure-risk breakdown structure (WBS-RBS). And sensitivity of schedule risks is analyzed by changing the bounds of risk factors in probability calculation. The model can overcome the lack of schedule indexes and these correlations and the neglect of risk probability distribution in analysis of schedule risks. Application to practical diversion tunnel construction shows that our method is effective and satisfactory in calculation of completion probability, critical path, and other critical risk factors of the construction projects subjected to various risk factors. Thus this CSRAM-based method would lay a theoretical basis for schedule control and risk management in diversion tunnel construction.