Abstract: With the rapid development of China's real estate market and the rapid growth of housing price, the real estate investment risk increased gradually. How to maintain the steady development of the real estate economy, and also effectively control various risk factors become the focus of research. Through the summary of the classification of real estate investment risk, taking second-tier cities as examples,by means of analytic hierarchy process to calculate the total ranking of real estate investment risk, countermeasures will be put forward to deal with the risk factors.