Abstract: As a new and developing subject, the risk management of oil pipeline controls the risk level in a rational scope by means of identifying and assessing the risk that the pipeline will he confronted with in its operation to make relative countermeasures in risk control to attain a goal in reducing accident rate and rationally allocating resource. Starting from the pipeline actualities in China, this paper discusses the process of risk management of oil and gas long-distance pipeline based on risk theory and risk assessment model of pipeline. The fault tree method is put forward to identify and analyze the potential risk resources the pipeline to be faced with such as the third party destruction, corrosion, maloperation, design and natural calamity, and measures and suggestions to control these risks.