China facing the risk of escalating social conflict, policy decision-making becomes the main source of conflicts. Policy from formulation to implementation is a process of interests distribution and coordination which is very complex and difficult. Once interests have imbalances and disharmony, risks arise. It is important to identify risks in the process of policy decision-making. The identification model of social stability risk was constructed and in terms of the model cases were used to explain action logic of risks raised by interest groups. Based on the analysis, policy decision-maker can focus on interest groups' values, decision attribute, decision resources, and implementation system to identify risks, which helps improve the quality of decision-making.