Abstract: This paper describes a risk analysis method dividing project construction period into several major phases and each phase into several time spans based on the construction schedule and project features. By calculating the risk degree of construction items and allocating them to each phase and time span, we obtain three indicators, i.e. overall risk degree, average risk degree, and key projects, for each phase and time span to control the risk characteristics of the project. Example analysis shows that the method is effective and feasible.