Aiming at the problem that the conventional dynamic identification method of supply chain risk leads to low identification accuracy, a dynamic identification method of supply chain risk based on industrial internet and ant colony optimization algorithm is proposed. According to the supply chain risk management process, the industrial internet technology is used to identify the supply chain risk factors, and the supply chain risk index system is constructed on the basis of the risk factors. By analyzing the fundamental characteristics of the risk factors, the potential risk factors are analyzed, and the ant colony optimization algorithm is used to calculate the weight value and loss function of each risk index, combined with the pheromone modulus, the dynamic identification of supply chain risk is realized. The comparative experimental results show that the method can achieve higher recognition accuracy when applied to the dynamic risk identification of enterprise material supply chain.