The Fukushima nuclear disaster has raised the importance on the reliability and risk research of the spent fuel pool (SFP), including the risk of internal events, fire, external hazards and so on. From a safety point of view, the low decay heat of the spent fuel assemblies and large water inventory in the SFP has made the accident progress goes very slow, but a large number of fuel assemblies are stored inside the spent fuel pool and without containment above the SFP building, it still has an unignored risk to the safety of the nuclear power plant. In this paper, a standardized approach for performing a holistic and comprehensive evaluation approach of the SFP risk based on the probabilistic safety analysis (PSA) method has been developed, including the Level 1 SFP PSA and Level 2 SFP PSA and external hazard PSA. The research scope of SFP PSA covers internal events, internal flooding, internal fires, external hazards and new risk source-fuel route risk is also included. The research will provide the risk insight of Spent Fuel Pool operation, and can help to make recommendation for the prevention and mitigation of SFP accidents which will be applicable for the SFP configuration risk management.