Risk analysis of investment decision-making behavior is to improve the ability to prevent investment risks in order to guarantee the success rate of investment decisions. In this paper, the risk evaluation level is determined by calculating the correlation degree of risk indicators through the establishment of the material topology matrix, and the gray evaluation coefficients are determined by using the gray correlation analysis of the whitening weight function to construct the gray evaluation model. The risk index factors and the overall gray evaluation were analyzed by using the material topology model and the gray evaluation model. From the physical topology evaluation, the market risk correlation is −0.00825, which means the special level risk. From the grey comprehensive evaluation score, the overall evaluation score is 6.884 overall risk level is medium grade line. This shows that using the model constructed in this paper can effectively realize the risk analysis of investment decisions and provide a guidance basis for investors to take effective measures for different types of risks.