Because the prefabricated building started late in China, and subject to management and technical restrictions, the safety problems during the construction of the prefabricated building have not been solved effectively. In view of the problems of complex environments in precast concrete structure and many influencing factors which makes the construction risks are difficult to identify. The work breakdown structure (WBS) - risk breakdown structure (RBS) method is introduced to solve the problem. By means of analyzing the investigation data of the prefabricated building accidents, its risks during construction are identified and coupled. Then the judgment matrix is obtained and the corresponding risk factors can be established. In the meanwhile, the fault tree analysis method has been being used to analyze the sensitivity of three kinds of accidents, such as falling, striking by object and electrocution. The sensitive coefficients of risk factors are calculated and sorted. The result shows that the main risk factors of falling accident are verticality deviation of component installation, deviation of component position and unsecured mechanics. The main risk factors of striking by object/equipment are insufficient strength of components supporting, overturning components and unreasonable of suspension point. The main risk factors of electrocution are improper welding operation and short circuit. Finally, corresponding control measures are put forward according to the risk accidents. The research results provided a good theoretical basis for the risk identification of prefabricated building construction