This study aims to address the questions of how driving risk evolves during car-following processes and what factors contribute to the underlying evolution patterns. An empirical study is conducted using real world car-following data collected in the Shanghai Naturalistic Driving Study (SH-NDS). The evolution of the driving risk induced by the dynamic coupling between the leading and following vehicles during the car-following process is characterized by how an instantaneous crash-risk measure - rear crash risk index (RCRI) - changes by time. A spectral clustering analysis is first conducted to classify the driving risk evolution of the observed car-following maneuvers, showing the existence of five distinctive risk evolution patterns in the car-following processes. In order to investigate the relationship between the identified driving risk evolution clusters and their contributing factors, a regression analysis employing a random parameter multinomial logit model with heterogeneity in means and variances is followed, revealing several significant contributing factors to the car-following risk evolution patterns, such as congestion level, driver’s ability to maintain stable headways, and vehicle deceleration. This study has provided important insights into driving risk from the new perspective of risk evolution patterns, which is expected to have significant implications for the future development of advanced traffic management and traveler information systems (ATMS/ATIS) strategies, advanced driver assistance systems (ADAS), and connected and autonomous vehicles (CAV).