Abstract: Due to the complexity of apparel supply chain and the characteristics of apparel suppliers, the processing costs and risks of apparel enterprises are difficult to predict accurately. So, a decision-making optimization model of apparel suppliers considering the risk may help enterprises to select the correct suppliers. The apparel suppliers could be divided to raw material suppliers and garment processing factories. Then, according to the mean-variance theory, the expected cost and portfolio risk of suppliers were described. Further more, with the complete constraints, the decision-making optimization model was established which indentified minimizing the costs and risks of suppliers as the optimized object. The risk aversion coefficient was proposed by Markowitz’s risk price theory. This method combining the utility function reflected the risk preferences of decision makers objectively. In the end, the practical examples demonstrated the effectiveness of the model.