In recent years, the Zayanderood River in Isfahan-Iran has been encountered by hydrological imbalance and drought. Literature review shows that long-term climate change, drought, and disruption of the river's water supply has led to depletion of underground aquifers and, consequently, gradual subsidence of the river and serious damage to old buildings and structures along the riverbank. This fact would be followed up by adverse environmental, social, and economic effect that could threaten the sustainable development of urban space. Therefore, it is necessary to use efficient risk identification and assessment approaches toward a more effective risk management. The goal of this study is to identify and prioritize the risks of river drought with regards to all three sustainable development areas including environmental, social, and economic. The research methodology was a mixed field method that included a set of questionnaires and interviews. To evaluate collected data, the analytic network process (ANP) method was used. Eighteen important risks were identified. Based on the results, decrease in the groundwater level, climate change, and gradual soil degradation were ranked first, second, and third, respectively. As this study examined the impacts of river drought on all three areas of sustainable development simultaneously and comprehensively, it is expected that the results will fill the existing theoretical and practical gap affecting improvements in assessment and management of sustainable development risks. © 2019 by the authors.