Motorcycles comprise nearly 30% of the traffic flow in most Sri Lankan highways. The rapid increase in motorcycle usage has led to a significant increase in the number of motorcycle related accidents and fatalities. Motorcycle related accidents account for nearly 40% of total road accidents in recent years. However, the current studies related to motor cycle accidents are only based on the basic statistical data analysis which does not comprehensively evaluate the risk factors related to such accidents, especially for fatal accidents. This study aims to evaluate the level of risk for factors involved in motorcycle related fatal accidents. In this study, accident data were analyzed under four categories. The stepwise binary logistic regression approach was adopted to identify the risk ratio of each evaluated parameter. The findings show that the motor cycle fatal accident risk is higher for accidents involving heavy vehicles, head-on collisions, and collision with hard objects. There were significant levels of accidents involving motorcyclists and pedestrians as well, where the highest fatality risk was at mid-block segments of the roadway. Findings would be useful to identify effective measures to improve the motorcycle riders’ safety in Sri Lanka.