With　the　development　of　social　economy,　risks　assessment　and　warning　system　of　local　government　debts　have　imperiled　economy　security　as　well　as　society　steadiness.　In　order　to　solve　the　problem,　a　risks　assessment　and　warning　system　of　local　government　debts　is　analyzed　to　produce　some　suggests.　This　paper　is　an　overview　and　discussion　some　important　assessment　methods　for　local　government　debts　risks.　Firstly,　a　basic　theoretical　model　of　risks　assessment　is　proposed　based　on　literature　review.　Secondly,　an　assessment　and　warning　system　of　local　government　debts　is　presented.　Then,　this　paper　puts　forward　the　Fuzzy　Analytic　Hierarchy　Process　(FAHP)　method　to　determine　the　degree　of　importance　of　each　index　of　risks　assessment.　Finally,　the　validity　and　practicability　of　risks　assessment　and　warning　system　is　verified　after　the　model　had　been　applied　to　the　practice　of　a　local　government　debt.