Xiangshan tunnel, which consists of a 15898mlong left tube and a 15917mlong right tube, is the longest tunnel and the most important control works on LongyanXiamen railway. Based on the macroscopic engineering analysis and the risk events occurring during the tunnel construction, the authors analyze the possible risks that may happen during tunnel construction. Analysis results show that Xiangshan tunnel has such characteristics as complex geological conditions, adverse geology, deep cover, complex ground surface environment and long steep inclined shafts. Due to these factors, there are high risks of water and mud gushing, ground surface water loss, tunnel collapse, large deformation in soft rocks, rock burst, gas explosion, high geothermal and sliding of railmounted cars during the tunnel construction. In addition, the authors also make level analysis on the above risk events in this paper.