Firstly, through the analysis of the life cycle of a highway project, this paper identified risks influencing construction schedule which set up a foundation for further establishment of a risk index system. Secondly, based on the established risk index system, this paper calculated and evaluated indicators of risks identified through probability analysis and fuzzy logic methods which became simpler after adoption of principal component analysis (PCA). Finally, the PCA-fuzzy probability analysis method is proved feasible and practicable by case study.