The 21st century has marked the dawn of an aging population. China’s aging process ranks first worldwide. The country has recognized the gravity of this demographic shift and implemented strategies to address it at the national level. A vast majority of elderly Chinese individuals (approximately 90%) aspire to age in their own homes. Smart homes, endowed with cutting-edge digital technologies, such as AI, the Internet of Things, and big data, hold vast potential for enabling this vision. However, acceptance of smart home products and services among elderly individuals in China remains low. The main reason is that the related products and services fail to effectively alleviate the perceived risk of this population in the R&D process of related products and services, and there is a lack of effective measurement methods. To holistically assess the potential obstacles faced by elderly individuals using smart home products and services, this study targeted individuals aged 45–60 years in China. This study aimed to develop a comprehensive perceived risk scale specific to smart homes for this demographic. Initially, this study identified key risk dimensions and corresponding measurement items through a rigorous literature review, user interviews, and expert consultations. Subsequently, it ensured the reliability and validity of each dimension and its corresponding observation variables through preliminary research, exploratory factor analysis, and confirmatory factor analysis. This approach allowed for a comprehensive understanding of the challenges faced by future elderly individuals when utilizing smart home products and services, thus enabling the development of more effective solutions. The scale encompassed ten factors and seventy measurement items, including Privacy and Security Risk (seven items), Physical Risk (seven items), Technological Risk (nine items), Performance Risk (seven items), Service Risk (nine items), Financial Risk (five items), Psychological Risk (seven items), Industry and Market Risk (six items), Social Support Risk (six items), and Policy and Legal risk (seven items). The measurement scale developed in this study represents a groundbreaking first attempt to create a systematic scale for assessing the perceived risks associated with smart homes for the elderly in China. It not only enables professionals, businesses, and manufacturers to avoid or reduce barriers in the R&D process of related products and services, facilitating smart home industry growth and enhancing user adoption, but also serves as a universal reference for the potential obstacles that digital technology may encounter in addressing aging-related issues, which has significant theoretical value and practical importance.