Despite the fact that cascade reservoirs are built in a large number of river basins nowadays, there is still an absence of studies on sequential embankment dam-break in cascade reservoirs. Therefore, numerical simulations and risk analyses of cascade reservoir dam-break are of practical engineering significance. In this study, by means of contacting the hydraulic features of upstream and downstream reservoirs with flood routing simulation (FRS) and flood-regulating calculation (FRC), a numerical model for the whole process of cascade reservoir breaching simulation (CRBS) is established based on a single-embankment dam-break model (Dam Breach Analysis—China Institute of Water Resources and Hydropower Research (DB-IWHR)). In a case study of a fundamental cascade reservoir system, in the upstream Tangjiashan barrier lake and the downstream reservoir II, the whole process of cascade reservoir dam-break is simulated and predicted under working schemes of different discharge capacities, and the risk of cascading breaching was also evaluated through CRBS. The results show that, in the dam-break of Tangjiashan barrier lake, the calculated values of the peak outflow rate are about 10% more than the recorded data, which are in an acceptable range. In the simulation of flood routing, the dam-break flood arrived at the downstream reservoir after 3 h. According to the predicted results of flood-regulating calculations and the dam-break simulation in the downstream reservoir, the risk of sequential dam-break can be effectively reduced by setting early warnings to decrease reservoir storage in advance and adding a second discharge tunnel to increase the discharge capacity. Alongside the simulation of flood routing and flood regulation, the whole process of cascade dam-break was completely simulated and the results of CRBS tend to be more reasonable; CRBS shows the great value of engineering application in the risk assessment and flood control of cascade reservoirs as an universal numerical prediction model.