This work explores the theory and practice of enterprise exchange rate risk management in depth. Firstly, the research background, significance and research trends at home and abroad are summarized, and the related theories and concepts are expounded. Then, it analyzes the operational hedging strategy of the exchange rate risk of multinational enterprises, and discusses the experience, problems and countermeasures of operational hedging by taking Blum Oriental as an example. In addition, it also studies the impact of exchange rate risk on foreign enterprises, and the exchange rate risk of foreign trade enterprises under Sino-US trade friction, and puts forward the corresponding management countermeasures. Finally, under the background of two-way fluctuation of RMB exchange rate, the enterprise exchange rate risk management system is constructed, and the countermeasures and suggestions to improve the exchange rate risk management level of Chinese enterprises are put forward through case analysis.