Large airport operational readiness (LAOR) is a critical factor that directly impacts the opening of airports to the public. However, limited research exists on the risks affecting LAOR schedules. This article explores the risk breakdown structure and risk interactions model of LAOR schedule risk. An empirical investigation was conducted on four large hub airports from 2009 to 2021 using grounded theory procedures. The study identified 21 risk factors categorized into management (highest frequency), technical, process, participant, and environmental risks (lowest frequency), which implied that risks primarily existed within a project rather than in the external environment. A systematic model incorporating risks and their interactions revealed that the primary risk transfer path was from the subject subsystem (participant risk) to the object subsystem (technical and process risk). The findings expand the knowledge domain of infrastructure risk and provide pragmatic risk evaluation and response guidelines.