Risk　is　an　important　factor　that　affects　the　smooth　landing　and　efficient　operation　of　PPP　project,　and　it　is　of　vital　importance　for　the　success　of　the　project　to　master　its　risk　situation　timely.　For　toll　road　PPP　project,　on　the　basis　of　literature　study　and　questionnaire　survey,　the　paper　constructs　the　risk　early　warning　index　system,　and　designs　a　set　of　risk　early　warning　model　based　on　variable　weight　extension　matter-element　and　evidence　theories.　Firstly,　a　model　is　built　using　the　variable　weight　extension　matter-element　theory,　the　comprehensive　correlation　degree　of　project　risk　under　different　experts＇　perspective　is　calculated,　and　the　basic　reliability　function　is　got　after　normalization　processing.　Then,　the　model　is　validated　by　discount　coefficient　method,　and　using　the　evidence　theory　to　synthesize　the　basic　reliability　function,　the　final　warning　results　is　got.　Taking　a　toll　road　PPP　project　in　F　provincial　as　a　case　to　verify　the　model＇s　rationality　and　validity,　which　can　provide　reference　for　the　risk　early　warning　of　toll　road　PPP　project.　Copyright　©　2018　by　Science　Press.