This study investigates the development and characteristics of green bonds within the Thai financial market. The research utilizes a dataset comprising 62 green bonds registered with the Thai Bond Market Association (ThaiBMA) over a seven-year period from 2019 to 2025. Descriptive statistical methods were employed to analyze the data. Financial ratios were applied to assess the returns and risks associated with these instruments, while clustering techniques were used to classify green bonds according to their risk levels. The findings reveal that the majority of green bonds were issued by private sector entities, followed by state-owned enterprises and foreign issuers. This distribution indicates that the growth of the green bond market in Thailand is primarily driven by private sector participation. In terms of return analysis, the current yield (CY) ranged from a minimum of 1.62% to a maximum of 5.55%, with an average of 3.40%. Similarly, the yield to maturity (YTM) varied between 1.75% and 8.86%, with an average of 3.20%. Notably, returns measured using holding period return (HPR) and annualized percentage rate (APR) tended to be higher overall. Risk assessment was conducted using seven variables encompassing five key risk dimensions: default risk, liquidity risk, interest rate risk, inflation risk, and reinvestment risk. The results indicate that green bonds exhibit relatively low default risk, as evidenced by credit ratings and credit spreads. Liquidity risk, assessed through remaining maturity and credit ratings, was found to be moderate, as were the other risk categories. Cluster analysis using dendrogram techniques, validated through Akaike Information Criterion (AIC) and efficiency testing, identified four distinct risk groups: low, medium, high, and highest risk. These classifications provide a nuanced understanding of the risk profiles of green bonds in the Thai market and offer insights for investors and policymakers aiming to promote sustainable finance.