Perceived risk clearly impacts travel behavior, including destination selection and satisfaction, but it is unclear how or why its effect is only significant in certain cases. This is because existing studies have undervalued the mediating factors of risk aversion, government initiatives, and media influence as well as the multiple forms or dimensions of risk that can mask its direct effect. This study constructs a structural equation model of perceived risk’s impact on destination image and travel intention for a more nuanced model of the perceived risk mechanism in tourism, based on 413 e-questionnaires regarding travel to Chengdu, China during the COVID-19 pandemic, using the Bootstrap method to analyze suppressing effect. It finds that while perceived risk has a significant negative impact on destination image and travel intention, this is complexly mediated so as to appear insignificant. Furthermore, different mediating factors and dimensions of perceived risk operate differently according to their varied combinations in actual circumstances. This study is significant because it provides a theoretical interpretation of tourism risk, elucidates the mechanisms or paths by which perceived risk affects travel intention, and expands a framework for research on destination image and travel intention into the realms of psychology, political, and communication science. It additionally encourages people to pay greater attention to the negative impact of crises and focuses on the important role of internal and external responses in crisis management, which can help improve the effectiveness of crisis management and promote the sustainable development of the tourism industry.