The consequences of tailings dam breaks are disastrous; although various factors can often result in tailings dam damage, the main cause is poor management. To reduce human supervision errors and ensure that real-time early warnings alerts are sent for any risks, 22 evaluation indexes that affect dam breaks were set up based on inherent and frequency risk. To efficiently predict an early dam break signal for a tailings dam, 12 key evaluation indexes of a dynamic early warning system were screened and a comprehensive consideration of the risk trend was undertaken. The current and future states of the 12 indexes were analyzed based on a borda count and dynamic analytic hierarchy process (AHP) methods and early warning grades for tailings dam damage were evaluated using the dynamic grey relation analysis method. The dynamic AHP method, which avoids the tedious testing and risks of static early warning states, was compared to the traditional method. This research provides a useful basis upon which mining enterprises can select reasonable and effective prediction indexes for risk assessment, fully implement and promote intelligent management of major risks, and conduct accurate and authentic supervision at all levels.