Due to carelessness of the domestic railway reconstruction, which usually influences the nearby railway under operation, it is apt to cause threats and losses to the life, properties, environment and the society. The focuses of this research on risk management include risk identification, risk analysis and risk disposition (include information feedbacks) for safe construction of the railway reconstruction, Firstly, identify the risk factors of railway reconstruction with statistical record method. Secondly, analyze the possibility of causing the hazards with influence diagram. And then, set up the hazard loss table under construction hazard of the railway reconstruction. Apply both the principle of risk disposition and Pareto Diagram in the process of risk disposition could obtain the handle way and the according strategy from the railway reconstruction on construction safety. Finally, feedback the treated achievement of risk to the stages of project plans, designs and construction as reduce the uncertain risk and loss for the railway reconstruction.