Based on the self-organized criticality (SOC) theory and OTS (OPF with transient stability constraints), this paper proposes a new blackout model which contains three different time scale dynamics, that is, transient dynamics, power flow dynamics, and power system planning dynamics. Not only the cascading failure process but also the characteristics of SOC in power system evolution are investigated in this model. The stability of transient dynamics is evaluated by the transient stability margin index based on stability region boundary. By this index, transient stability constraints of differential-algebraic equations are converted to algebraic equations through sensitivities, thus proper preventive and emergency controls against random contingencies can be determined. On the basis of Value at Risk (VaR) and Conditional Value at Risk (CVaR), two blackout risk assessment indices are proposed in this paper. These two indices could quantitatively reflect the tail property of largescale blackout distribution, reveal criticality characteristic, and compare the reliability of different systems or the same system under different operation conditions. Simulation results on New England system indicate that the proposed model can represent the dynamics in power system operation and construction, simulate cascading failure, and reveal SOC of power system evolution. Therefore, this model can be applied to assess the power system security level in multi-time scale, and formulate preventive and emergency control strategies. VaR and CVaR indices quantitatively describe the large-scale blackout distribution and reveal criticality characteristics.