Medium-speed maglev,as a new form of urban rail transit,possesses advantages not found in subways and trams,and is renowned in rail transit for its low noise levels.However,medium-speed maglev is still in the research phase in China,with no completed projects,resulting in a lack of sufficient data and experience.Therefore,this paper established an indicator system through literature research,combined with the characteristics of medium-speed maglev.It assigns values to each indicator,constructs causality diagrams and flow-stock diagrams,determines the system dynamics equations for each variable,and validates the established model.Finally,through simulation of the model,initial risk level values and combined risk level values were obtained.The results indicate that the model is applicable for analyzing investment risks in medium-speed maglev projects under certain conditions;when adopting a portfolio investment strategy,the risk level significantly increases.When designing the investment risk model,only the impacts of major risk factors were considered,and it is necessary to more comprehensively consider the relationships between various risks in subsequent work.