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There is a transition from a fuzzy set to crisp set. Therefore, we can obtain a conservative risk value, a venture risk value and a maximum probability risk value. Under such an alpha level, three risk values can be calculated. As alpha adopts all values throughout the set, it is possible to obtain a series of risk values. Therefore, the fuzzy risk may be a multi-valued risk or set-valued risk. Calculation of the fuzzy expected value of Yiwu city's water resource risk has been performed based on the interior-outer set model. Selection of an alpha value depends on the confidence in different groups of people, while selection of a conservative risk value or venture risk value depends on the risk preference of these people.