Project risk management belongs to a specific part of a broader project management activity that is increasingly being applied in construction practice. In construction projects, risk management procedures are put in place to influence the prevention and/or reduction of possible adverse events, or to increase the likelihood of meeting the project objectives. Projects in the construction sector are often complex and represent significant financial endeavors and therefore reducing the associated risk should be a priority for every project manager and all other stakeholders in the project. This thesis examines the application of risk management in construction projects in Croatia. In order to examine the understanding and application of the project risk management process, a survey method was selected through a questionnaire. Based on the conducted questionnaire, it is shown how the processes and techniques of risk management in a certain scope and form are implemented through the stages of the project life cycle and what is the perception of various groups of participants in construction projects about the importance of the most frequent risks that occur on construction projects. Test results were analyzed and presented using descriptive statistics. The discussion was based on a theoretical background regarding the risk management process provided in the first part of the paper and on the basis of comparisons with similar research in the world.