Credit risk, due to its high frequency and significant impact, is regarded as an intolerable risk and a critical factor influencing public-private partnership projects. The emergence of various credit risk issues can severely harm both private and public interests. Existing research and conducting an in-depth study of relevant core literature from the Web of Science and CNKI databases between 2010 and 2024 was reviewed by using VOSviewer and CiteSpace software. It is revealed that infrastructure projects, risk assessment, project bonds, and the selection of private sector partners are pivotal research themes in this field. Moreover, emerging collaboration models, ESG (environmental, social, and governance) factors, the application of new technologies, and cross-border cooperation are identified as promising directions for future exploration.