As the development of the digital economy continues at an astonishing rate, live-streaming e-commerce has emerged as a relatively new business model, where supply chain risk management has become essential. In this paper, supply chain risk management in live-streaming e-commerce is examined using an analytical approach integrating grounded theory, ISM analysis, and ANP to reveal risks in supply chains. The process of grounded theory is used to code the obtained data and determine four major risk types: supply risks, macro-environmental risks, operational risks, and demand risks, including 14 secondary risk factors. These findings form the basis for developing a supply chain risk identification model that is relevant for live-streaming e-commerce. Second, ISM was applied to analyze hierarchical relationships among risk factors, while ANP quantified weight assessments. Findings revealed supply risks as the most significant challenge in live-streaming e-commerce supply chains, accounting for 0.3507 of total weight. Among these, product supply risks exerted the greatest influence on overall supply risks, with a weight of 0.1505.