With the increasing application of PPP financing mode in high-speed rail construction， the risk prob- lem is becoming more and more prominent. In order to evaluate the risk of high-speed railway PPP project rea- sonably in China， a comprehensive risk evaluation system of high-speed railway PPP project was established in this study. The weight of each evaluation index was calculated with AHP， and the risk evaluation model of high- speed railway PPP project was set up based on grey correlational analysis. The key risk factors were determined by the grey correlation degree ranking. Finally， the evaluation model was applied in Jinan-Qinghai high-speed railway project. The application results show that the model is reasonable and effective.