This study is geared toward identification and analysis of risks resulting from construction of Balarood Dam. To this, following identification of tasks and the environment of the study area with respect to the intensity, probability and possible consequences of those effects on the human, environment and equipment; identification and categorization of risks were performed under Delphi methods. Finally, risk factors were categorized under natural, biophysical and human events. Scientific methods applied in this study are TOPSIS and AHP, which constitute MADM method. Prioritization of the risk factors was performed using the MADM method in the form of TOPSIS method with the EXCEL software. Then, to prioritize risk factors based on their importance, Analytic Hierarchy Process (AHP) method was used by way of entering values to Expert Choice Software. In the TOPSIS method; excavation, backfilling, explosion, equipment and machinery works were given weights of 0.253, 0.159 and 0.114 respectively and were ranked from first to third. In AHP method; excavation and backfilling were given a final weight of 0.277 with the first priority, whereas the excavation and explosion were given final weights of 0.160 and 0.111 with the second and third priority. To compromise the conflicts occurred between the results of both AHP and TOPSIS methods, prioritization strategies were adopted using the integration methods (average ranking method, Borda and Kaplan method). Therefore, excavation, backfilling, explosion and drilling were respectively identified as the main environmental risk factors of Balarood Dam at the construction phase.