Soekarno-Hatta International Airport is the main airport serving the greater Jakarta area on the island of Java, Indonesia, ranked the world’s 10th busiest airport in terms of passenger numbers (over the year 2013) and was the 4th busiest airport in the Asia Pacific. In 2013, Soekarno-Hatta International Airport serves 60.1 million passengers, which are 80% of them domiciled in West Java or outside Jakarta. The increasing traffic density in Jakarta and along Prof. Ir. Sedyatmo highway (airport toll) cause access to the airport by using car, taxi or bus becomes less effective and efficient in terms of time and fuel consumption. Therefore, the role of the airport railway becomes very crucial to provide a convenient, fast, and efficient public transport. The infrastructure development of airport railway considered as a high risk project due to many uncertainties that could delay the project. This paper identified and analyzed risks that could occur in quantitative and qualitative way by using project risk management. The results of this research were in form of risk register and value at risk (VaR) toward financial parameter that used (NPV, IRR, Payback Period) to estimate how great the risk(s) would affect project financially. In the end section, there were some recomendations about strategy to response a risk whether it was supposed to be accepted, avoided, mitigated, or transfered, This research expected could become a consideration for Soekarno Hatta ariport railway project operator so loss due to occurence of risks could be minimized, or it could become a reference for future airport railway infrastructure development projects.