Is there any security risks involved if using below code?
$val = $_GET['date'];
$date = new DateTime($val);
If your question is: "are there currently known security issues with PHP that can exploit this?" ... consider the scenario where unexpected input could:
There are security risks every time you use untrusted external input in your code directly. Nasty bugs have a way of turning up at most inconvenient times
These don't have to happen with the current version of PHP that you are using / testing with. Where all will your code be deployed? Will older versions or different PHP engines / libraries be used? Will a newer version / engine have an undiscovered bug?
So finally the question will boil down to: What is the compelling reason for you to take this risk - especially when the safer alternative is not expensive (effort or resource-wise)?
$date->format('Y-m-d H:i:s');