The study aimed to investigate the risk factors of postpancreatectomy hemorrhage (PPH) after pancreaticoduodenectomy (PD). A retrospective analysis of 423 patients who underwent PD between January 2008 and January 2014 was conducted. The overall incidence and all-cause mortality of PPH were 9.9% (42/423) and 2.1% (9/423), respectively. Independent risk factors of early PPH were revascularization (odds ratio (OR) = 6.786; 95% confidence interval (95% CI): 1.785-25.792; P = 0.005), history of abdominal surgery (OR = 5.009; 95% CI: 1.968-12.749; P = 0.001), and preoperative albumin levels (OR = 4.863; 95% CI: 1.962-12.005; P = 0.001). Independent risk factors of late PPH included postoperative pancreatic leakage (OR = 4.696; 95% CI: 1.605-13.740; P = 0.005), postoperative biliary fistula (OR = 6.096; 95% CI: 1.575-23.598; P = 0.009), postoperative abdominal infection (OR = 4.605; 95% CI: 1.108-19.144; P = 0.036), revascularization (OR = 9.943; 95% CI: 1.900-52.042; P = 0.007), history of abdominal surgery (OR = 8.790; 95% CI: 2.779-27.806; P < 0.001), and preoperative albumin levels (OR = 5.563; 95% CI: 1.845-16.776; P = 0.002).