Abstract: The article discusses the identification, characteristics, harm, control and other issues of the market risks of live pigs by using risk management theory. The characteristics mainly include periodicity“, V”pattern, correlation, shortterm irreversibility and so on. The existence of market risks of live pigs affect the earnings stability of live pig producers, the income growth of farmers, the welfare level of consumers, the stable development of animal husbandry and national economy. In the end, the policy that could be used to control the pig market risks is suggested how to strengthen macro- control, how to build an scientific alarm system of pig market risks, how to accelerate the development of live pig futures market