In the congested urban areas, tunneling-induced ground movements may cause a serious damage to the adjacent buildings. Consequently, the safety risk management (SRM) of structures during tunnel excavation is critical for ensuring safety (including personnel safety inside the tunnel and safety of structures above) and construction quality. This paper describes the importance of SRM based on some building-damaged accidents first, and constituted the basic concept of SRM with the model mainly including risk identification, risk analysis, risk assessment, risk handling and risk supervision, etc. Accordingly, risk management system can be established for structures safety guarantee during urban tunnel construction.