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Aerospace is a high-technology industry that produces “aircraft, guided missiles, space vehicles, aircraft engines, propulsion units, and related parts”. One of the requirements for growth and development in the aerospace industry is appropriate investment and financing projects related to the industry. But the risks faced by investors in each industry is along with uncertainty and not to mange them, sometimes even lead to investment failures. In this paper, we study the investment risks of civil aviation in four product types: general aviation, regional jets, single aisle, large widebody. The risk was identified using the relevant research literature and experts’ opinions and then ranked using hierarchical fuzzy TOPSIS. The results show that, among the four types of products on the civil aviation, large widebody, single aisle, regional jets and general aviation respectively, have greatest risk investment. Among the seven types of risk are recognized in the aviation industry, management risk, financing risk and production risk, respectively, are of the greatest importance. Innovation of this article is to assess the investment risks of Iranian civil aviation and ranking them using one of the Fuzzy MCDM techniques.