Abstract: Helium is a critical raw material, but its distribution is extremely uneven. To better mitigate trade risks and get a steady and safe supply of helium, it is of the upmost importance to assess the risk associated with the investment environment in helium-rich countries. This paper establishes an indicator system including 22 indicators from five dimensions, which consist of: helium resource endowment, macro environment, operation risk, maritime risk and, bilateral relationships. The game theory model combined with variance coefficient theory and expert survey are presented to determine the combined weights. The results show that Kazakhstan, Russia and Qatar present the best comprehensive performance; Australia has the highest operation risk and, Poland and Algeria have higher maritime risk; resources endowment has the largest weight, followed by maritime risk. We provide suggestions of acquiring upstream helium-rich gas fields and purchase & sale agreement of bundled liquified natural gas (LNG) etc.