Hiking is a form of green tourism which deserves promotion and popularization, especially in present day China. However, the risks inherent in hiking could have a negative impact on the development of hiking tourism. It is important to better understand how people perceive the risks of hiking and what type of experience attributes they prefer. However, no studies have investigated the nature of risk perception from the perspective of hikers. This study explores the dimensions of the perceived risk of hiking and investigates the associated factors of hiking risk perception as well as hiking preference. A questionnaire with 18 items was used to capture people's perception of hiking risks, and two groups of samples were surveyed. Generally, this study identified two dimensions of perceived risk towards hiking based on a sample of hikers, i.e., physical risk and psychological risk. Demographic variables such as gender, upbringing background, and hiking frequency were shown to predict hiking risk perception while gender and hiking frequency predicted route preference. The personality trait of sensation seeking appeared to be a significant predictor of hiking preference. These findings lend themselves to market segmentation and marketing strategies on hiking tourism.