With the continuous improvement and development of current socio-economic, China's economic investment amounts in venture project that has core position in today's economic market presents an increasing trend. In addition, domestic venture project has made rather obvious progress on the number and specific size. It is a rather complex form in specific socio-economic structure and its production mode, whose key lies in the quality and safety index, project schedule, economic investment of the project, project cost and other comprehensive aspects. There are some problems in the implementation process of venture projects as well as the doubt and uncertainty in the relevant links. The presence of these characteristics impairs the venture project in the implementation process to some extent, and as a result, the risk evaluation and management of venture projects are indispensable. This paper conducts further analysis research on risk management method of venture project and comprehensive analysis research on its own characteristics, establishes risk evaluation model of gray fuzzy theory with the combination of the doubt and uncertainty in the venture project, and does comprehensive evaluation on the risk existing in the venture project. The crux of this study is to undertake a comprehensive risk evaluation and further clarify the specific evaluation process of the venture project by using the gray fuzzy theory.