Risk identification is the key technology of acquisition risk management for weapon and equipment. It has a direct and essential effect on the success of acquisition risk management for weapon and equipment. This paper discusses the concept of the full life cycle, presents the principle and the procedure of acquisition risk identification. In addition to this, the paper studies the method of acquisition risk identification and puts forward the selective scheme of acquisition risk identification method in every phase of the full life cycle. In the end, the paper analyzes the risk in every phase of the weapon and equipment's full life cycle. All of this plays a basic role in the systematic management of acquisition risk for weapon and equipment.