This paper examines the static and dynamic risk spillover effects of global financial markets from the time-frequency perspective and network connection respectively. It also analyzes the optimal investment strategies of pairwise portfolios to provide reference for investors’risk management. The results show that 21.1〖WTXT〗%〖WTBZ〗 of the global financial market shocks are caused by risk spillovers from external financial markets, and the risk spillovers are mainly concentrated in the short and medium term. The financial risk events exhibit characteristics of short-term risk spillover index rising first, and then the medium and long-term risk spillover index gradually rising. From the network connection perspective, in the short term, the financial market risk spillovers show the characteristics of the same type of market aggregation and regional aggregation.In the long-term, risk spillovers across different financial markets are more widespread. Finally, the paper offers some policy suggestions for improving China’s financial risk prevention system.