Urban deep excavation projects to provide mass parking, facility space and other uses that have the ability to operate in the underground floors are facing a significant demand. Nevertheless, these projects face serious challenges in achieving the anticipated goals, including cost, time and quality, which are rooted in their many risks. Projects are generally unique and inherently face many uncertainties. On the other hand, the conditions and characteristics of the soil and the complications in it also faced with many uncertainties; therefore, projects related to work under the surface of the earth usually considered high risk. Of course, the mentioned risks are not exclusive to geotechnical and technical risks, and include various risks including legal, financial, contractual, safety and environmental risks. In this research, while defining the concept of risk and its management, the risk levels in Mashhad urban deep excavation projects identified and classified. After that, while explaining the interpretive structural modeling method, the main risks identified in these projects have classified. According to the analysis, "subsurface water flows and the existence of wells and waterways" have the highest level of importance among the risks of Mashhad urban deep excavation projects. This research has provided a new insight into the nature of risks of excavation projects in Mashhad. Urban excavation projects in Mashhad today, more than ever before, deal with all kinds of risks. At the end, while summarizing the discussed issues, the fields of future research in this direction are stated.