Under the background that underground infrastructure projects are increasing, the urgency of guaranteeing the safety and effectiveness of projects makes the study of the risk factor in tunnel construction urgent. This paper identifies and assesses the key risk factors that affect the effective completion of tunnel construction, with appropriate measures for managing risks. Linear regression was used to analyze data collected on the geological conditions, technical design, construction technology, human resources, and environmental factors of the projects completed. In addition, expert surveys were considered with a view to improving the precision of estimating the probable risks. It can be seen from the results of the analysis that the leading factors showing a wide variation in the circle of construction effectiveness are geological condition, technical design, and human resources, among which the coefficient of geological condition is the highest. On the basis of these, strict control of geological factors and enhanced safety training were among the risk management measures proposed to mitigate negative impacts during construction. It is therefore clear that the understanding and effective handling of the risk factors, which is conducive to ensuring safety and improving the quality of tunnel construction projects, go to the conclusion.