Construction industry is prone to a number of risks due to its dynamic nature and the involvement of several stakeholders. These risks, if left untreated, negatively influence the project’s objectives including cost, time, and quality. Numerous studies have been conducted globally to find the potential risks faced by construction industry; however, they aren’t alike in all the regions. Thus, identifying and mitigating the potential risks, pertinent to a specific region, is an important milestone in the success of construction projects. This study, therefore, attempts to identify seventy-three key risk factors related to delay, cost overrun, and quality, affecting the performance of building projects in Pakistan, through an extensive literature review and semi-structured interviews. The identified factors were then prioritized, by the industry experts from both public and private sectors, using a questionnaire survey. The study discusses the influence of top five risk factors, in detail. The findings are expected to help, key stakeholders in Pakistan, in effective planning and monitoring of building projects at various stages; thus completing the projects within the allocated time, budgeted cost, and desired quality level. The study’s methodology and results can be generalized, with cautious, in other regions and cultures having similar work environment.