Collecting the financial information of 177 banks in China from 2002 to 2016, using law description method, this paper measures the degree of interest rate liberalization and tests the relationship among interest rate liberalization, auditor reputation and bank risk management. The research shows as follows: when the degree of Interest rate liberalization increases, the intensity of risk management will be significantly weakened; when banks select high reputation auditors, the intensity of risk management will be significantly strengthened; when the degree of interest rate liberalization is enhanced, high reputation auditors will help banks significantly increase the intensity of risk management as compared with low reputation auditors. The above results have a certain reference significance for regulators to use audit reputation mechanism to urge banks to carry out risk management.