Concentrated rural settlement (CRS) reconstruction was promoted as a sustainable rural reconstruction way after the Wenchuan earthquake in China. Despite the various benefits of CRS, haphazard CRS reconstruction presents risks to future sustainable development. However, such risks have been rarely investigated. Thus, this study examines the risk factors with eight CRS reconstruction cases after the Wenchuan earthquake. The existence and interactions of economic, social, environmental, and disaster relief risks are observed after reconstruction. A conceptual model is proposed for systematically interpreting the risks. Results obtained can help the local government judiciously consider the risk factors in order to achieve sustainable development when initiating rapid reconstruction.