Abstract-Subsea production system, being of high value to deep water oil and gas production, has become more and more important recently. Simultaneously, issues related to its safety and reliability are hotly disputed by engineers and scholars. Based on fuzzy fault tree, risk analysis of oil and gas leakage is successfully completed. Through the construction of fault tree, qualitative analysis is conducted, obtaining minimum cut sets and cut-sets importance. Moreover, quantitative analysis, based on theory of fuzzy sets, is employed, through which failure probability, probabilistic importance and critical importance have been figured out. The abovementioned results serve as a good reference to avoid oil and gas leakage in subsea production system.