It is of great value to grasp the law of technological economic cycle and prevent and resolve financial risks for building a strong country in science and technology and a strong country in finance. Based on the three industrial revolutions in history, this paper discusses the relationship between technological economic cycle and financial risk. In the technological economic cycle, the application of advanced technologies, the transformation of economic structure and social changes, promote the development and upgrading of financial innovation, but also breed financial risks. On the contrary, the rapid accumulation of capital and the release of financial risks are indispensable to scientific and technological progress. The research shows that China has stepped out of a compressed industrialization road, but also faces the challenge of entering the second half of the technological economic cycle. In the second half of the common risks are mainly the possibility of financial capital and the real economy, the risk of new infrastructure investment, the risk caused by the rigidity of the financial system. At this stage, China is also facing special risks caused by the development of financial technology, higher degree of financial openness and Sino-US strategic game. It is suggested to promote the integrated allocation of science and technology, industry and financial resources, deepen the reform of the science and technology financial system, accelerate the construction of a technology-driven regulatory system, continuously improve the international competitiveness of the financial industry, and build a solid foundation for financial infrastructure.