The gushing water disaster in tunnels is a kind of harmful and risky engineering disaster. It has become a key problem to evaluate the risk of tunnel gushing water accurately and objectively. A case study of a typical highway tunnel is performed for theory and practice analysis. For this reason, the risk identification is carried out on the assessed objects, and 10 evaluation indexes are determined. In turn, the risk evaluation index system and classification standard are established. Furthermore, the entropy weight method and the analytic hierarchy process are combined to assign the weight to each evaluation index. Therefore, a dynamic risk assessment system, including the pre-evaluation model and the postevaluation model, is constructed with the attribute identification model. As a result, the tunnel section with a high risk of water inrush is accurately assessed, which is consistent with the construction situation on site. Moreover, it is verified that the assessment results are reliable, which can provide a reference for the similar projects.