The main challenges and barriers facing the effective implementation of risk management (RM) practices in the construction industry have increased the ceiling of challenges associated with the implementation of construction projects during the COVID-19 era. The aim of this paper is to assess the level of significance of risk management implementation challenges and barriers (RMICB) and the level of efficacy of construction RM practices during COVID-19 by considering the case of Iraq. A multistage research methodology was adopted, including semistructured interviews with construction experts to identify the main RMICB and RM practices indicators; surveys to assess the identified RMICB and RM practices indicators; analytical hierarchy process–based and fuzzy-based models to quantify RMICB level of significance, and RM practices level of efficacy. Based on the adopted methodology, the authors identified a total of 34 RMICB grouped under four categories, namely analytical approach–related, behavior-related, management-related, and team-related RMICB. Moreover, the assessment of the current construction RM practices during the COVID-19 era indicated a low level of RM practices efficacy. This study significantly contributes to the body of knowledge by helping construction practitioners and researchers to better understand the RMICB that are hindering effective implementation of RM strategies for construction projects during the COVID-19 era. Furthermore, it provides valuable information to decision-makers regarding the current construction RM practices efficacy during extreme conditions.