The electric power engineering project has many characteristics like large scale, long construction period, complex technology, many units involved and so on. In order to avoid risk and improve the risk management efficiency of electric power engineering project, this article established a risk evaluation index system from the perspective of environmental risk, economic risk, technical risk, management risk, and market risk. According to the characteristics of the risk evaluation indicators, it built a multi-level fuzzy comprehensive evaluation model and took a power construction projects as an example to analyze the application of the model.