Technical project risk management has always been given great concern by the Department of Defense of the United States of America (DoD). This paper systematically introduces risk matrix and its application, which is one of the most popular risk management technologies in the field of DoD acquisition projects risk management. As a conclusion, this paper evaluates the usability of risk matrix when to be used to assess and mitigate technical project risks in China, and delivers a framework of risk matrix application in high-tech project risk management.