The establishment of photovoltaic power stations (photovoltaic desertification control) in desert regions presents a viable solution for the prevention and mitigation of desertification. However, due to the difficult construction, high investment amount, and strong technical complexity of photovoltaic sand control projects, coupled with the significant influence of environmental factors on photovoltaic module output power, these projects encounter heightened risks and uncertainties throughout their entire life cycle. Therefore, conducting a comprehensive risk assessment for photovoltaic desertification control projects is of immense significance. This study establishes a scientifically rigorous and comprehensive risk index evaluation system tailored to the specific characteristics of photovoltaic sand control projects. By integrating the Analytic Network Process (ANP) with the gray fuzzy comprehensive evaluation method, an assessment of China’s photovoltaic sand control projects is conducted to determine their risk levels. The findings indicate that photovoltaic desertification control projects in China fall within the range of “medium” to “high” risk levels. Furthermore, based on the evaluation results, this paper provides targeted risk management recommendations for each identified factor, aiming to assist policymakers and investors in effectively addressing potential risks.