Railway Transit-Oriented Development (TOD) projects in China are characterized by their large scale and complexity, exposing investors to significant risks and uncertainties. This study aims to evaluate the key investment risk factors throughout the lifecycle of railway TOD projects, drawing on industry insights to provide critical guidance for sponsors in their initial go/no-go decisions and subsequent project control processes. The risk evaluation is based on a questionnaire survey of 118 field experts, assessing risk factors along two dimensions: probability of occurrence and impact severity. The findings indicate that high-significance risks are primarily concentrated in market and financial aspects, including insufficient market demand, limited financing accessibility, and inadequate operational capacity, all of which directly impact project viability. Medium-significance risks, such as design flaws, construction delays, and policy changes, highlight the need for robust technical and regulatory management. While low-significance risks, such as public opposition and force majeure events, exhibit low occurrence probability but high impact severity, they still require attention to mitigate potential disruptions. This study underscores the importance of strengthening market analysis and financial planning, optimizing technical management and policy adaptability, and enhancing risk resilience through stakeholder engagement. Ultimately, it lays the foundation for a systematic risk management framework to ensure the successful delivery of railway TOD projects in China.