The article believes that the debt risk pre - warning of Chinese local government should start from the dominance debts at present, and should abide the principle of advancing gradually; the article analyzes the pre - warning aims and its organization system theoretically, and lists the working process of the risk pre -warning, and probes the several key links of the process deeply, such as index system building, index range value interposing, index weight affirruing, risk value estimating, synthetic risk estimating principles and methods, etc.