This paper uses the international researches for reference, and summarizes the risk indicators in different transformation initiatives, then establishes 40 risk indicators. Through the investigation of the practitioners in library field and using the method of factor analysis, the screening of risk indicators is completed, and 6 major categories of 29 risk indicators are finally established. Risk is also changing and developing. According to the change of types of library operation, this paper puts forward the evolution assumption of risks in library Transformation.