Abstract: With the rapid development of China"s economy, the demand for oil resources continues to rise. In this process, China"s dependence on foreign oil has exceeded 70%, so it is very important to ensure the supply of overseas oil. Chinese petroleum enterprises are faced with various risks in overseas operation. Timely warning of risks is helpful to reduce operational risks and improve project economy. This paper focuses on the main risks faced by overseas investment of Chinese petroleum enterprises, systematically analyzes the composition and influence of the main risk factors, and analyzes the reasons for the formation of risks. The main risks are summarized into three major items, including macro environment, enterprise management and construction technology, and eleven minor items, including politics, society, economy, nature, organization, management level, capital, contract, technology, safety and project quality. Through systematic analysis of risk factors, it is expected to give early warning of risks for overseas oil projects and provide suggestions for healthy and stable operation.