Urban rail transit is the backbone of public transport, which needs to maintain the daily operation order as far as possible. Due to aging equipment, technological innovation, unequal supply, demand, etc., renovation projects have become a key link in the life cycle management of urban rail transit. Signal system affects operation safety and efficiency, and it is necessary to avoid operation influence as much as possible. Given the potential risks in a renovation of signal systems have not been fully discussed, combined with a specific project of "CBTC + TBTC", the main risks related to the signal system are identified, the number of risk events and their levels are determined with the help of the risk grade matrix, and the risk management strategy is given accordingly, which has guiding value for the relevant engineering practice.