The “Belt and Road” construction in South Asia has made remarkable progress，while faces great risks which mainly exist in three aspects：security，geography and business. The main cause of security risks is the rampant terrorist activities in South Asia，that of geopolitical risks is the complexity of the game between regions and between global powers，and that of business risks is the lack of administrative capacity and infrastructure of South Asian countries. In order to smoothly advance the project of Belt and Road Initiative，it is necessary to fully assess and effectively respond to these risks.