The built environment of old residential neighborhoods poses heightened perceived traffic risks for school-aged children due to their limited cognitive ability to assess hazards, underdeveloped understanding of traffic patterns, and inadequate infrastructure in these areas. However, studies on the impacts of neighborhood environments on children's traffic risk perceptions remain limited. This study aims to reveal the influence of individual attributes, as well as macro- and micro-level environmental factors, on children's risk perception using a hierarchical ordered logit model with random effects. Data were collected through a questionnaire survey of 404 school-aged children across fifty old residential neighborhoods in Changsha, China. The results indicated that girls generally perceive higher levels of traffic risk than boys. At the macro-level, low population density and high activity facilities coverage were associated with reduced risk perceptions among children. At the micro-level, obstructed views of intersections, curbside parking, and road damage were found to increase risk perceptions among children. Additionally, random effects related to gender, intersection type, intersection visibility, curbside parking, and sidewalk availability suggested the influence of unobserved factors. The findings underscore the need for targeted interventions, such as improving intersection visibility, managing curbside parking, and repairing road damage, to mitigate traffic risks. Policymakers and urban designers should focus on these aspects to enhance safety and create child-friendly residential environments.