The risk allocation runs through the whole life cycle of PPP projects，which is the foundation of related works in all stages of PPP projects，and also is one of key factors determining the success or failure of PPP projects. At present，PPP projects in China generally do not pay enough attention to risk allocation，and there is also lack of systematic and comprehensive top-level guidance at the national policy level. This paper firstly analyzes the definition and orientation of risk allocation in PPP projects，summarizes status quo and existing problems of risk allocation. Secondly，based on the existing policies，PPP practices and experiences from other countries，the paper systematically puts forward the general risk allocation mechanism and framework of PPP projects. Thirdly，taking toll roads as an example，the paper indicates some implementation points of risk allocation. Fourthly，the paper puts forward some suggestions of strengthening PPP projects risk management，which have certain references to PPP practices in China.