The stable and safe development of regional finance is an important guarantee for the healthy and stable macro-economy. It is necessary to strengthen the prevention and control of regional financial risks and maintain the stable development of China’s overall economy. This paper selects the individual fixed effect model to investigate the regional financial risk of Beijing Tianjin Hebei province，and calculates the regional financial risk index with the direct weight method. It studies the influence path that the high debt ratio of local government leads to the rise of regional financial leverage ratio，which will increase the regional financial risk under the background of the slowdown of GDP growth. According to the research results，this paper proposes to prevent and control the regional financial risk from the perspectives of the joint early warning mechanism of Beijing Tianjin Hebei province，the unified financial regulatory standards and the strengthening of local government debt management.