Nowadays, underground coal mine accidents occur frequently, causing huge casualties and economic losses, most of which are gas explosion accidents caused by fires. In order to improve the emergency rescue capability of coal mine fires and reduce the losses caused by coal mine fires, this article is dedicated to the assessment of coal mine fire rescue capability. Taking the fire emergency rescue system of Lugou mine as an example, based on the introduction of gray system theory and gray evaluation method, an evaluation model was established to assess the risk of the fire emergency rescue index system of Lugou mine. Four primary and 19 secondary indicators were delineated, and a hierarchical structure model of the fire emergency rescue capability of the Lugou mine was established by combining expert opinions, and the weights of indicators at all levels were calculated by using hierarchical analysis. We then used the gray system evaluation method and expert scoring to judge the safety level of various indicator factors in the index system. The evaluation results show that the risk level of the emergency rescue system of the Lugou mine fire is higher than the fourth level. The main risk indicator factors are firefighting equipment, decision-making command, emergency education and training, and fire accident alarm. In response to this evaluation result, corresponding control measures were formulated in four aspects: rescue organization guarantee, personnel guarantee, material guarantee, and information guarantee, which optimally improved the emergency rescue capability of the Lugou mine fire and reduced the loss caused by fire.