Currently, the Hanjiang-to-Weihe Water Diversion Project is facing the dilemma of incomplete identification of risk factors and characteristic rules in the water diversion process. Here, the expert investigation method was adopted to identify the main risk factors of the project and determine the risk portfolio types, and then the risk degree model was established to analyze the stability of single risk factors and the characteristic rules of risk portfolios. The results show that the greater the coefficient of variation, the worse the stability of the risk factors, and the risk of management failure is the most unstable, reaching 0.998. The risk portfolio of insufficient water source and increasing water demand is more hazardous than other portfolios. There is no obvious positive correlation between the risk degree and the risk factor quantity of risk portfolios. The research results complement the deficiency of the study on the risk characteristics of the water diversion project, and provide technical support for the formulation of targeted risk mitigation, control and management strategies.