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With the rapid development of the science, technology and changes of the social environment, the uncertainties involved in the project management are increasing day and day, which bring more and more risks to the project managers, and the lost caused by these risks is getting higher as well. So project risk evaluation has been an important task in the process of project. In this paper, a new approach to project risk evaluation is presented. Firstly, after having reviewed a large amount of literatures, the concept and operations of intuitionistic fuzzy sets are given. Secondly, based on analyzing the factors of project, the project risk evaluation index system is established. Thirdly, a new approach to project risk evaluation based on intuitionistic fuzzy sets and TOPSIS is developed. Finally, a numerical example is applied to testify the validity of this approach.