The development of financial technology has promoted the digital transformation of commercial banks, and at the same time formes a new competitive landscape while innovating the financial industry, which has brought great challenges to the risk-taking of commercial banks. The panel data of 45 commercial banks in China was used to construct a model, and the systematic GMM estimation method was used to empirically test the impact of financial technology development on the risk-taking of commercial banks. It is found that the development of financial technology has increased the risk-taking level of commercial banks. The development of financial technology affects the risk-taking level of commercial banks by intensifying competition in the banking industry and promoting technological innovation. The impact of fintech development on the risk-taking of different types of commercial banks is heterogeneous, and due to the crowding out effect, compared with large state-owned banks and joint-stock banks, fintech has a more obvious impact on the risk-taking level of urban commercial banks and rural commercial banks.