In order to solve the problems of keyword extraction and project keyword lexicon establishment of technological projects in professional fields, an algorithm for building the lexicon based on semantic relation and co-occurrence matrix was proposed. On the basis of conventional keyword extraction research based on co-occurrence matrix, the algorithm considered several advanced factors such as the location, property and Inverse Document Frequency (IDF) index of the keywords to improve the traditional approach. Meanwhile, a method was given for the establishment of keyword semantic network using co-occurrence matrix and hot keyword identification through computing the similarity with semantic base vector. At last, 882 project experiment documents in power field were used to perform the simulation. And the experimental results show that the proposed algorithm can effectively extract the keywords for the technological projects, establish the keyword correlation network, and has better performance in precision, recall rate and F1-score than the keyword extraction algorithm of Chinese text based on multi-feature fusion.