In order to effectively address the potential hazards associated with the construction of Phase II of the YE Water Supply Project’s KS tunnel in Xinjiang, this study employs the WBS-RBS (Work Breakdown Structure and Risk Breakdown Structure) method for risk identification. This approach aims to identify various risks that may arise during TBM (Tunnel Boring Machine) construction. To prevent incomplete risk factor identification resulting from subjective judgment, a risk index system is established based on the identification results. Subsequently, a matter-element extension model is utilized to quantify the risk factors within this index system, and comprehensive weights are determined using variable weight theory to assess construction risk levels. Importance analysis of each index is then conducted to identify those with significant impact on risk evaluation outcomes. Finally, by comparing actual engineering cases with other risk evaluation models, this paper verifies the reliability of its constructed risk assessment model and proposes measures for controlling potential risks based on these evaluations. The paper provides a clear definition of safety risks encountered during TBM construction and conducts comprehensive risk assessments as a valuable reference for research related to the tunnel boring machine construction period in tunnel engineering.