High-grade highways are an important part of the modern comprehensive transportation system. However, due to frequent natural disasters, harsh meteorological conditions, and fragile geological environments, high-grade highway construction projects face significant risks, and how to specifically manage and control these construction risks to reduce them to a socially acceptable level has become a pressing technical issue. Therefore, this study combines the construction characteristics and risk features of high-grade highways, applies the Hall's threedimensional structural theory to comprehensively identify potential risk factors from the dimensions of time, structure, and logic, and builds the logical dimension from four aspects: people, materials, environment, and management. To filter the main influencing factors, the Delphi method is adopted to construct a risk assessment indicator system, with the expert opinions fully taken into consideration. To address the subjectivity in the weight calculation process of risk assessment indicators, the Analytic Hierarchy Process (AHP) and Entropy Weight Method are used to calculate the subjective and objective weights, respectively. A combined weighting model is established based on game theory principles and is used to optimize the weights of the risk assessment indicators. In view of the fuzziness of risks during high-grade highway construction, fuzzy mathematics theory is introduced to construct the risk assessment model. In this study, this method is applied to the construction of the Elsiyah Highway to clarify the risk level of the project and propose targeted control measures. The results show that the risk level of the Elsiyah Highway project is relatively high. The risk level is conditionally acceptable, but measures must be taken to reduce the risks.