In a multi-sensor collaborative tracking system, such risk factors as multi-sensor radiation and target misidentification may lead to problems of increased probability of system being attacked, decreased tracking accuracy, and decreased system safety. Therefore, this paper proposes a multi-sensor management method based on bidirectional risk, which is used to solve multi-sensor allocation under multiple kinds of risks. First, the radiation risk of our sensors and the misidentification risk of new enemy targets are integrated, and a bidirectional risk model with adaptive risk weights is built by using the change of range between the target and the sensors. Second, the optimization problem of multi-sensor allocation is proposed, which includes target tracking accuracy function and the bidirectional risk constraints, and the sensor resources are reasonably allocated. Simulation results show that the proposed method is feasible, and can improve the accuracy and safety of multi-sensor tracking system.