The financial risk early warning system is based on financial informatization and is a system for real-time monitoring of potential risks in financial activities. According to the characteristics of financial system, this paper proposes the technical framework of P2P financial risk early warning system (WAPFREW) based on Web service and mobile agent. This paper establishes a model library system for the early warning of liquidity risk in the financial system, and takes the Logit model as an application example to carry out early warning of liquidity risk. Finally, this paper uses the database collected by the system for effect analysis and correlation test. The research shows that the algorithm proposed in this paper has the characteristics of high prediction accuracy, high tolerance to outliers and not easy to over-fit.