Online gaming constitutes an indispensable facet of China’s digital economy, catalyzing consumer discussions on social media platforms. This study employs a comprehensive natural language processing framework, encompassing topic mining, multi-label classification, and sentiment analysis, to evaluate consumers’ psychological perceptions of the risks associated with online games through social media comments. This study identifies 11 distinct perceived risk topics, including “Excessive Temptation”, “Entry Regulation”, and “Culture Implantation”. Numerous comments encompass multiple topics, each infused with diverse emotional inclinations, thus unveiling disparate consumer perspectives. These findings underscore the critical significance of addressing potential perceived risks and mitigating negative consumer emotions for enterprises operating within online gaming. Such measures are pivotal to maintaining a brand image, business reputation, and enduring growth. Furthermore, this study extends valuable insights to regulatory bodies, contributing to enhancing administrative efficiency, safeguarding consumer rights, and fostering a robust and sustainable trajectory within China’s online gaming market.