The purpose of this study is to analyze whether the green space generated by river water engineering can promote urban development and the well-being of the elderly in high-risk environments. Firstly, quantitative research methods were used to analyze 750 valid questionnaires, and IBM SPSS Statistics 26.0 statistical software was used for data inspection. We continued to adopt the qualitative research method and collect the opinions of nine respondents according to the results of the questionnaire analysis. The data were then integrated, categorized, summarized, compared, and finally examined by multivariate analysis. The river green land has rich ecological and natural landscape resources and spacious leisure space, creating a comfortable leisure and living environment. This can increase job opportunities, promote community and economic development, and create safe leisure conditions. It can also improve people’s willingness for leisure, increase opportunities for interpersonal communication, and improve the quality of life and happiness of the elderly. If we should strengthen the soil structure of the river, pay attention to ecological conservation, and reduce exhaust gas and noise pollution to provide a more complete leisure space and enhance the contribution of river green space to rural areas and lives of the local elderly.