This studies were carried out to get characteristics of frequency distribution, probable flood flows according to the return periods, and the correlation between return periods and those length of records affect the Risk of failure in the annual maximum series of the main river systems in Korea. Especially, Risk analysis according to the levels were emphasized in relation to the design frequency factors for the different watersheds. Twelve watersheds along Han, Geum, Nak Dong, Yeong San and Seom Jin river basin were selected as studying basins. The results were analyzed and summarized as follows. 1. Type 1 extremal distribution was newly confirmed as a good fitted distribution at selected watersheds along Geum and Yeong San river basin. Three parameter lognormal Seom Jin river basin. Consequently, characteristics of frequency distribution for the extreme value series could be changed in connection with the watershed location even the same river system judging from the results so far obtained by author. 2. Evaluation of parameters for Type 1 extremal and three parameter lognormal distribution based on the method of moment by using an electronic computer. 3. Formulas for the probable flood flows were derived for the three parameter lognormal and Type 1 extremal distribution. 4. Equations for the risk to failure could be simplified as $frac{n}{N+n}$ and $frac{n}{T}$ under the condition of non-parametric method and the longer return period than the life of project, respectively. 5. Formulas for the return periods in relation to frequency factors were derived by the least square method for the three parameter lognormal and Type 1 extremal distribution. 6. The more the length of records, the lesser the risk of failure, and it was appeared that the risk of failure was increasing in propotion to the length of return periods even same length of records. 7. Empirical formulas for design frequency factors were derived from under the condition of the return periods identify with the life of Hydraulic structure in relation to the risk level. 8. Design frequency factor was appeared to be increased in propotion to the return periods while it is in inverse proportion to the levels of the risk of failure. 9. Derivation of design flood including the risk of failure could be accomplished by using of emprical formulas for the design frequency factor for each watershed.