A new definition about intellectual property right risk in collaborative innovation on the basis of collaboration characteristics is given, and then it is divided into intellectual property right risk caused by cooperation relationship and intellectual property right risk caused by other factors. Through the analysis, it is found that intellectual property risk caused by cooperation relationship and intellectual property right risk caused by other factors have negative and positive impacts on inter-firm knowledge transfer respectively. Finally, the factors influencing intellectual property right risk are analyzed, and it is considered that intellectual property right risk mediates their impacts on inter-firm knowledge transfer. Then propositions and a framework are proposed.