In view of the low success ratio of Industry-university-research Cooperation Project in China due to various risks involved in the cooperation, the risks of the cooperation project were identified from the perspective of project life cycle. Then, FMEA method was used to evaluate the project risks based on an example, and fuzzy number was used to denote the degree of risks. Then, TOPSIS method was used to sort the interval numbers, so as to realize the principal and secondary relationship of project risks. The results show that the risk of the implementation and control phase is the main source of the project risk, followed by the definition and decision-making stage, again, for completion and delivery period and planning stage with the smallest risk. Each stage also has the greatest risk priority number of sub-risks. Finally, some measures were put forward to reduce project risk according to the result of risk assessment.