A research on knowledge management (KM) from the viewpoint of risk management is developed in this paper. Firstly , several kinds of factors affecting KMprojects are analyzed and summarized. These factors are organi2 zation goals , culture , technology , knowledge asset , organization structure , incentive mechanism , finance , etc. Then an appraising model to measure risk of KMprojects , based on deviation degree , is established. An actual ex2 ample is given to illustrate the feasibility and effectiveness of this method. Finally , some tactics are given to control risk during the process of KM projects