Downhole safety valves are essential equipment for oil and gas extraction, and it is crucial to carry out a downhole safety valve failure risk evaluation and reliability analysis to ensure the safety of oil and gas production. In order to improve the operation and maintenance management level of downhole safety valves and explore the key failure risk factors of downhole safety valves, this study firstly carries out a Failure Mode and Criticality Analysis of downhole safety valves; identifies the causes of failure of downhole safety valves and the consequences of accidents through the Bow-tie method; and quantitatively evaluates the failure risk factors based on the improved Decision-making Trial and Evaluation Laboratory method and obtains the influence and importance ranking of 14 types of failure risk factors. Specific preventive measures for key failure risk factors are proposed in several aspects: optimising the structural design of downhole safety valves, improving the processing and manufacturing process, setting up an efficient field management team, carrying out equipment operation and maintenance management training, establishing a field failure response mechanism, and setting up an intelligent O&M management platform for downhole safety valves. The research results of this study are conducive to improving the reliability of downhole safety valves, ensuring the safety and integrity of on-site operation and maintenance management, and providing theoretical guidance for the analysis of the risk of failure and operation and maintenance management of downhole safety valves.