As　one　of　the　financing　ways　of　the　project,　BOT　is　applied　more　and　more　widely.　At　first,　it　is　only　suitable　for　the　foreign-invested　project.　And　now　it　is　suitable　for　various　kinds　of　infrastructure　projects　including　private　capital　investment.　However,　because　of　the　characteristic　of　the　infrastructure　and　the　complexity　of　BOT,　the　owners,　the　Project　companies　and　investors,　both　have　great　risks.　It　is　essential　for　investors　and　contractors　of　BOT　investment　project　to　discern　and　control　these　risks　in　order　to　obtain　the　success　of　the　project.　This　thesis　analyses　the　main　risks　of　BOT　investment　project　and　the　precautionary　measures　it　should　take.