Abstract: Downhole risk management system can be used to prevent and decrease occurrence of drilling accident and complexity, and to improve drilling efficiency. Downhole risk management system was chosen as the study object and the architecture and process of downhole risk management system were designed. Several key techniques were preliminarily discussed, including downhole risk multi-source information fusion technique, risk prediction technique, risk identification technique, risk assessment technique and drilling operation parameters intelligent optimization technique, and the results of using BP nerve network predicting mud loss were illustrated. The goal of the downhole risk management technology study is to pursue cost minimization under the precondition of ensuring drilling safety, taking the basic principle of safety engineering as the guiding ideology, information technology as the basic means, and the interdisciplinary technology fusion as the research emphasis. The obtained conclusions are of much significance for the development of downhole risk management system and its related technologies study.