In order to overcome the shortcomings of construction project safety management, an assessment method based on a modification of neural network was introduced. First, the characteristics of risk management of construction engineering were introduced. Then, the improved algorithm was proposed and it was employed to the assessment of construction project. Engineering practice shows that the assessment can be finished rationally by using this algorithm. The method can also be introduced into other related spheres and it has significance in theory and practice for the risk management problems.