There is a large number of important archaeological sites around the world that have fragile properties, and face different challenges. Old city of Tripoli is one of those sites which are under a variety of risks. Natural disasters, development, tourism, pollution, looting, conflict and inappropriate site management are merely some examples of these risks. Generally, the risks to heritage sites depend on nature, specific characteristics, inherent vulnerability and the geographical environment of the site. Ultimately, it depends on the nature of external threats that affect the heritage itself. However, the level of the qualitative approach to risk is determined based on the intensity of the effect and the frequency and potential damage occurs. In this study, mainly seven risks were analyzed and assessed. The results demonstrated that the main critical risk is the risk of migratory movements and changes in the population. It has a catastrophic priority with risk magnitude (RM) of 14.5. Ranked second the risk of weak management and state regulatory bodies and the risk of Lack of knowledge of restoration techniques with RM of 13. Whereas, the risk of insufficient skilled staff has the lowest RM of 6.5 and low priority.