The rapid economic development and high incidence of crises in emerging economies make them play an increasingly important role in the transmission of global financial risks. As a new trend in the development of the financial industry, the development of green finance also indicates the direction of the future development of the financial industry. Faced with the increasingly concerned environmental issues, it is necessary for emerging economies, mainly represented by developing countries, to learn from the experience of developed countries in this field. In this paper, principal component analysis (PCA) and factor analysis (FPM) are applied to study the factors influencing financial fragility of emerging economies at different stages of development, and then the degree of fragility is analyzed and compared. The empirical results show that there are differences in the influencing factors of financial fragility in emerging economies at different stages of development. For middle- and low-income economies, credit security, social stability and the development of capital market are the priorities they should consider at present. For the Middle- and high-income economies, we should be alert to the malignant changes in a certain indicator. For high-income economies, macroeconomic stability is the focus of their financial security. The research results provide a basis for the emerging economies to reduce economic vulnerability according to local conditions, which is of great significance to avoid the outbreak of global financial crisis.