Public private partnership（PPP） financing mode for urban rail transit is full of risks, i.e. high financing cost, long payback period, various uncertain factors and difficult to evaluate scientifically and accurately. As a result, the risk evaluation method based on the ordered weighted averaging(OWA) and grey clustering method is established. The risk indicator system of PPP financing mode for urban rail transit is established in terms of project life cycle; and then the scores given by experts are reordered based on OWA operator so as to eliminate adverse effect induced by extreme values and gain the weight values of risk indicators. Finally, the grey whitening weight function is established in consideration of grey and information unintegrity of risk indicators so as to realize transparency and complete clustering analysis of financing risk of PPP financing mode. The abovementioned risk evaluation method is used to evaluate the financing risk of PPP mode in Zhengzhou Metro Line No. 1. The results show that the financing risk is of highgrade. Seven risk indicators, i.e.project planning, social capital, policy environment, design quality and cost overrun, construction quality and residual value, should be strictly controlled. The study results can provide references for risk evaluation of PPP financing mode for urban rail transit in the future.