Objective of the present research is to identify, analyze, and assess risk of Paveroud Dam during construction phase. Following collection and analysis of the information related to environmental conditions of the area of study and technical specifications of dam construction, a list of probable risk factors was prepared in the form of a questionnaire, and for verification, the questionnaires were provided to a group of specialists consisting of elites and professors specialized at the disciplines relevant to environment and civil engineering. Number of questionnaires was determined based on Cochran’s formula. In the first step, the expert group in the research was asked to score in Likert scale format so as to analyze the acquired responses and the risks present in the region. Having analyzed the scores using the findings of PHA method, TOPSIS technique was applied to prioritize the identified risks of Paveroud Dam. The results indicated that erosion had the highest priority among 36 risk factors. After prioritization among the risk factors, risk was also assessed using RAM-D technique in which “impact on Sorkhabad Protected Zone with 9 scores, “erosion” with 6 scores, and “work at high elevation” with 3 scores were recognized as three major risks of Paveroud Dam. In order to mitigate the effects of dam risks during construction phase, environmental management planning is crucial, and for this purpose, risk mitigation choices were recommended at the end aimed at coping with the identified risks.