The risk management of railroad engineering is a complicated systems engineering. Simple and effective risk management is important to improve the level of railroad engineering risk management, to reduce project's risk, to improve the construction quality and to effectively control the project cost. The paper describes a simple and effective risk management: uses the fault tree to identify the risk of railroad engineering, carries on the appraisal with the analytic hierarchy process. It's proved that the risk management is a practical method in the construction phase of railroad engineering.