Abstract: The National Wetland Park operating PPP mode can effectively solve the financing dilemma of ecological product supply and improve the management efficiency of the project. However, there are many participants and links in the PPP projects of the National Wetland Park, which inevitably faces many risks during the implementation process. Therefore, it is necessary to identify and analyze the risks of the projects to determine the key risks, take corresponding measurements to prevent and respond. In this paper, the specific forms of risks are identified by checklist method, and the risks of PPP projects are defined as political risk, macroeconomic risk, legal risk, market risk, financing risk, design and construction risk, operational risk, handover risk, project company risk and natural risk. According to the results of 132 questionnaires, the paper formed the risk factor evaluation of the National Wetland Park PPP project. Based on the four indicators of risk occurrence probability, risk loss size, post-risk treatment efficiency and risk management experience, the improved grey correlation model was used to quantify the risk factors. The research shows that the PPP project of the National Wetland Park faces eight key risks: government default, delay in obtaining financial subsidies, lacking of project experience, defects in construction design, substandard construction technology, high financing cost, imperfect legal mechanism and imperfect management methods. It should establish a communication and consultation mechanism, improve the overall strength of the company, innovate financing channels and improve supporting legal policies.