Men who have sex with men (MSM) are recognized as being at high risk for HIV infection. While studies have found that the prevalence of risky behaviors routinely remained high among MSM, few have focused on reasons why MSM may perceive they were or were not at risk for HIV infection. The objective of this study was to examine HIV risk perception among MSM in Beijing and Chongqing, China. A qualitative study consisting of eight focus group discussions and 65 in-depth interviews were conducted with MSM in the two cities. Participants felt that most MSM were aware of the high prevalence of HIV infection among MSM. Yet despite this awareness, most participants thought it was unlikely they would become infected with HIV. The reasons raised by participants included: AIDS was a foreign disease, cleaning after sex prevented transmission, being the insertive partner during sex was not risky, their partner(s) could be trusted, and feeling lucky made HIV/AIDS acquisition unlikely. The findings of this study suggest that a multi-pronged and tailored approach is needed to increase risk perception and safe sex behaviors among MSM in China. This may be achieved through HIV/AIDS interventions that use MSM-friendly media targeting misconceptions of HIV risk, stigma, and discrimination rather than simply distributing condoms.