There are many uncertain factors in the process of reservoir’s operation. For the reasons, the "deterministic theory" must turn to" probability theory", and it becomes necessary to strengthen risk analysis. Summarize the connotation of reservoir risk analysis, progress in research of risk analysis for reservoir inflow forecasting, risk analysis for reservoir operation, risk analysis for flood protection and flood discharge , and reservoir multi-objective risk analysis. There are so much influence factors and much of them uncertainly, not enough research on multiple targets and multiple factors, not much apply on new risk analysis theories and methods. Therefore, it should research more on the fields of risk identification, reducing the impact of human factors, new analysis methods and coupling methods.