As an important resource commodity related to the global economic lifeline, energy is the material basis for the survival and development of human society. With its identity as a major energy importer and consumer, China must ensure the stability of production and operation of energy enterprises, of which the identification and control of financial risks is of vital importance. Therefore, this paper first uses multiple risk identification methods to identify 9 external and 8 internal key risk factors affecting energy corporate finance in both external and internal dimensions, respectively. Then the ISM and MICMAC methods were used to construct a progressive multi-level structural model of the interactions of key risk factors, and the risk factors were classified by combining the driving power and dependence power of each key risk factor to reveal the interactions among the risk factors. The results showed that 5 partition levels were extracted from 17 risk factors according to ISM model and MICMAC analysis placed all factors into dependent quadrant and independent quadrant. This study reveals the internal relationship between risk factors and is of great significance to the financial risk identification and management of Chinese energy enterprises.