Based on multi-dimensional perceived risk, the current situation of the Chinese public’s willingness to donate blood was investigated, and its influencing factors were explored to provide a scientific basis for the recruitment and retention of voluntary blood donors. In this paper, we start from the public’s perceived risk of blood donation in seven dimensions: behavior, psychology, situation, system, prejudice, service, and publicity. On the basis of a questionnaire survey and factor analysis, the interrelationship between various factors is explained based on empirical analysis, and the differences in the willingness of the Chinese public to donate blood with different characteristics are revealed. Accordingly, targeted recruitment and retention measures for donating blood are developed to promote the sustainable development of China’s blood donation program.