The　subprime　crisis　and　the　COVID-19　crisis　have　severely　impacted　the　development　of　global　financial　stability,　which　arouses　scholars＇　thinking　about　the　financial　risk.　Clarifying　the　contagion　mechanism　and　spatial　spillover　effect　of　financial　risk　under　the　subprime　crisis　and　the　COVID-19　crisis　is　of　great　significance　for　preventing　and　controlling　financial　risk.　This　paper　explores　and　compares　the　main　contagion　mechanism,　contagion　channels,　and　spatial　spillover　effects　of　financial　risk　during　the　subprime　crisis　and　the　COVID-19　crisis　by　using　the　dynamic　Spatial　Dubin　Model.　The　results　show　that　the　transnational　contagion　mechanism　of　financial　risk　during　the　subprime　crisis　is　the　monsoon　effect.　The　inflation　rate　has　a　positive　spatial　spillover　effect　on　financial　risk.　During　the　COVID-19　crisis,　the　transnational　contagion　mechanism　of　financial　risk　is　the　spillover　effect.　Net　exports　and　stock　market　returns　have　positive　spatial　spillover　effects　on　financial　risk.　Financial　risk　is　mainly　transmitted　across　borders　through　commodity　prices　during　the　subprime　crisis,　while　during　the　COVID-19　crisis,　it＇s　through　trade　exchanges　and　financial　capital　flows.　In　addition,　the　spatial　contagion　intensity　of　financial　risks　during　the　COVID-19　crisis　is　higher　than　during　the　subprime　crisis.　This　paper　provides　experience　and　reference　for　countries　to　formulate　financial　risk　prevention　plans.　©　2022　ACM.