The construction of free trade zones is of great significance to building a high-level open economic system. Using the material-element extensible model, based on the framework concept of two major systems of risk early warning and prevention and control, the risk evaluation system of free trade zone construction was constructed. In view of the lack of data of traditional maximum affiliation, a more accurate asymmetric proximity evaluation principle was adopted. The empirical research on the construction risks of China's five major free trade zones shows that the Shanghai free trade zone performs the best, while the Sichuan and Yunnan free trade zones perform low, and corresponding improvement suggestions through targeted analysis are put forward.