Chemical industry is one of important cornerstone industries in China. Along with the irresistible development of China's economy, the speculative risks of China's chemical companies have been coming up as a major impediment to development of China's chemical industry to a certain extent. In this sense, it is of great significance to explore investment risks and preventive measures for chemical companies. Based on the Analytic Hierarchy Process (AHP), this paper builds a chemical investment risk analysis indicator system that involves four major ones, i.e. profitability, operation capacity, solvency, and development capacity. We take the chemical company M as a study case to analyze their investment risks herein. According to the results from analysis, M’s investment risk in 2017 made a composite score of 64.32; the risk exposure was relatively high; these figures show that there are huge problems on many indicators. Hence, aiming at huge stakes in business investment, M should take specific preventive measures against risks to constantly facilitate the rationalization of the investment risk management process, examine and assess the implementation effect of investment projects in a timely manner, in conjunction with potential investment risks.