Abstract: This paper summarizes weather risk theories from the perspectives of concept, classification, characteristics, management strategies and management measures. It also introduces the relationship and differences between two typical weather risk management products-weather index insurance and weather derivatives as well as their development at home and abroad.At the same time, the design and utilization of the two products are explained in detail with typical cases. Furthermore, the role of meteorological technology in weather risk management is elaborated as follows: (1) The constantly improving meteorological observation network provides a solid data base for weather risk management; (2) weather forecast information of different time and space scales is available for weather risk management; (3) diversified products of meteorological information services are offered for weather risk management; (4) the research and development of weather risk management products are supported by meteorological technology. Finally, for effectively avoiding weather risks and for benign development, it is necessary to promote the cooperation between meteorological departments and different industries and develop specialized weather risk management products.