This paper proposes a situational awareness‐based method of load control for safe electricity consumption by industrial users to assess the risk of regulated load equipment within industrial users and to ensure their safe use of electricity. Firstly, in the situational perception stage, collecting key parameters such as controllable equipment within industrial users, and constructing a risk indicator system for industrial users in the process of load control from four perspectives: the degree of controllability of load equipment, the correlation and mutual influence of load equipment, the uncertainty of self‐provided power and economic losses; Then, in the situational understanding and presentation stage, a risk assessment method that integrates a self‐learning weight model and a cloud model is proposed to analyze the risk of industrial users under control; Finally, in the situational guidance stage, based on the assessment results of the risk situational of industrial users, industrial users' safe electricity consumption is controlled in multiple rounds to achieve the objective of maintaining safe and reliable operation of the power grid by accepting control at a low‐risk level. The simulation of the industrial users of steel mills is used to verify the rationality and effectiveness of the method proposed here.