Proper risk allocation can promote the cooperation of BT sponsor and BT organizer, and guarantee the implementation of BT projects. Firstly, Shapley value being able to allocate risk of BT projects is discussed, and the conclusion is fitting. Secondly, according to the basic principles of risk allocation, a model for risk allocation in BT projects is set up using the revised Shapley value, combined the Shapley value with the five influence factors of risk allocation, i.e. risk causes, the ability to assume risk, participation and benefits of the project, the ability to control risk and economic status, and proper risk allocation between BT sponsor and BT organizer is expected. Finally, risk allocation of a Land Reclamation BT Project is analyzed by the model, and is compared with the contract risk analysis. The conclusion is that the contract risk allocation is basically proper, but a part of engineering risk of the force majeure risk should allocated to the BT organizer, and the risk of material price flowing causing by inflation should be increase the allocation proportion of the BT organizer.