With the growing demand of Large Scale Gymnasiums and the tight budget on the government, BOT is one of the best alternatives to solve this problem. However, in order to create a successful BOT project, it is necessary to avoid controllable capital structure risk, completion risk and revenue risk, etc. First, the concept of BOT risk and risk management is introduced. The paper aims to study the BOT model in the investment and financing system of the large scale gymnasiums in china and understand the present situation of BOT financing by analyzing the significance and features of risks. The specific categories of risks are classified into uncontrollable and controllable risks theoretically. Some strategies are proposed to deal with different categories of risks.