The construction industry is the pillar industry of China’s national economy. According to the statistics of the National Bureau of Statistics, the GDP in 2016 was 744.127 billion yuan, while the total construction output value was 193.567 billion yuan, accounting for 6.5 percent of China’s GDP. The construction industry has played a pivotal role in promoting social development. Construction projects have always belonged to typical high-risk industries, and they will be affected by many factors, and these factors are mostly from the social environment and the natural environment, which makes it difficult to realize the expected construction period, cost, quality, safety, etc., of the construction project. The objectives, especially for large- and medium-sized construction projects, involve a lot of specialties, a wide range, a long construction period, and a huge amount of investment. Once the risks appear, the consequences are unimaginable. In addition, construction projects will be affected by accidental factors during the implementation process. If not handled in time, it will seriously affect the normal operation of construction projects. In view of the above problems, this article aims to study the risk management research of construction project management under the multimedia environment of the Internet of Things. Combining the characteristics of mobile construction projects, various problems are analyzed in the construction process of construction projects. This paper proposes a multimedia-based construction project management system, construction project quality management objectives and principles, and schedule risk prediction. The experimental results of this paper show that taking the construction project under the multimedia environment as an example, the communication management and quality control management of the construction project under the multimedia environment are studied. Through the combination of theory and practice, the work of construction projects under the multimedia environment of the Internet of Things is guaranteed to be completed on time and with high quality.