The project as a unique venture is marked by various risks that may affect the achievement of the objective in limits of planned schedule, budget, quality and scope. Project risk is an uncertain future event that may have a negative or positive impact on project objectives. This work shows the types of risks and possible various sources of project risks, and considering that the acceptance or rejection of a particular project risk includes attitudes of individuals or organizations risk tolerance is defined. Project risk management is an integral part of the project management and the negligence of the process reduces the likelihood of success of the project. The first step to successful risk management process is a risk management plan which defines the way in which this process will be carried out. This is followed by the identification of risks and their prioritization in order to determine response strategies for the most significant risks to reduce the probability and/or impact of risks in case of threats, and increase the probability and/or impact of risks in case of opportunity. Control of risks is an important part of the risk management process which determines whether everything is going according to plan. Based on the analysis of two described major construction projects in the work we have come to the conclusion that it is necessary to plan all the steps in small details so all staff involved in the project understand what, when, how and why it is necessary to do in order to increase the success of the project. Also, we conclude that an experienced project manager and professional staff with an existing database significantly contribute with their knowledge and experience in realization of the project and that open communication is the basis for successfully identifying, analyzing, managing and controlling project risks.