Compared to other industries, construction industry is subjected to a greater risk due to its unique features in various phases like feasibility, design and development, implementation and execution. So, a systematic process of risk analysis is required to classify, identify, and analyze these risks, and to formulate risk response strategies. This paper is an attempt to develop a methodology of risk analysis by the use of Failure Mode and Effect Analysis (FMEA) and fuzzy FMEA of elevated corridor construction for metro rail. Traditional FMEA is a structured technique that can help in identifying the failure modes within the system, assessing their impact, and planning for corrective action. But, interrelationship between the input terms of FMEA, i.e., probability (P), impact (I), and detection (D) is not possible within the scope of traditional FMEA. Hence, fuzzy logic is incorporated within FMEA to map the interrelationship between the input terms. Case studies of Ahmedabad-Gandhinagar metro rail and Mumbai metro rail construction at various phases are presented to validate the concept of this technique. The use of this approach helps to establish the degree of truth between the numerical results obtained from questionnaires and the linguistic terms supporting the same.