Uncertainty always exists in the overseas mining investment environment.Based on related literatures，expert experience and the data from the World Bank，etc，risk factors of the overseas mining investment environment were identified.A risk evaluation index system was established with political policies，economy and finance，society and culture，and infrastructure facilities as four primary indexes.Delphi method was used to determine the index weights，and the secondary indexes were graded according to the data from the World Bank，etc and recognized grading rules.The principle of contingency theory was introduced to establish an evaluation model with incentive variable weights.Twelve countries were selected for applications.The evaluation results show that countries with lower mining environmental risks are Canada，the United States，New Zealand，and Romania，which are the preferred areas for mining investment；countries with general risks are Philippines，South Africa，Australia and Mexico，which are the sub-selected areas；countries with higher risks are Russia，Kazakhstan，Kenya and Brazil，which are the cautious-selected areas.Meanwhile，more attentions should be paid to the extreme indicators which may have adversely impacts on the operations of the project.Finally，some relevant suggestions were put forward，which may be helpful for the mining companies to reduce the investment risks and provide decision basis for the government to formulate overseas mining investment policies and implement classified management.