Due to their unique nature, construction projects are considered one of the world’s most hazardous and incident-prone industrial sectors. The present study aimed to analyze health, safety and environmental (HSE) risks relating to construction projects based on the project management body of knowledge (PMBOK) and sustainability approach. This study was conducted with the participation of 30 experts, using the semi-quantitative risk assessment technique, in nine areas of the project management’s body of knowledge, based on the fuzzy analytic hierarchy process. Risk, in this study, was estimated using a two-dimensional matrix of incident probability and severity, each of which has four sub-parameters. The HSE risks pertaining to each of the nine areas of PMBOK were identified. After that, the two dimensions of risk, including incident probability and severity, were measured. Thirty-seven risk sources associated with nine areas of the PMBOK were identified. Risk analysis revealed that 20 sources were at an unacceptable risk level, and 17 risks were at a tolerable risk level. Identifying HSE-related risk sources in accordance with the nine areas of PMBOK, and using FAHP to assess the risk of these hazards in construction projects, can lead to a more realistic estimate of risk in construction projects. The presented method in the current study can create a novel perspective in terms of the construction industry’s risk management and assessment.