The server management controller, as a key component of cloud computing equipment, is mainly based on ARM architecture at present. However, ARM’s high licensing fees push up its design cost, which is not conducive to the iteration and upgrade of SoC-related products. RISC-V, which is an open-source processor architecture proposed recently, belongs to the reduced instruction set as ARM. It has many features such as modularity and scalability. In this study, we combine the BOOM core of a RISC-V open-source processor to design and implement an FPGA prototype system of a server management controller based on a RISC-V processor. In the system, we build a prototype based on Xilinx’s Virtex Ultra Scale 440 FPGA and complete the functional and CoreMark tests in the actual application scenarios. The results show that the processor performance is improved by 26%, which is superior to that of products of the same level that use ARM as the core, and the system’s functions are in line with design expectations. In addition, based on OpenBMC, this system implements special management control protocols such as IPMI, and its basic functions are verified, which proves the feasibility of optimizing SoC architecture by replacing ARM with RISC-V.