Urban waterlogging is a serious urban disaster, which brings huge losses to the social economy and environment of the city. As an important means of urban rainfall inundation analysis, numerical simulation plays an important role in promoting the risk assessment of urban waterlogging. Scientific and accurate assessment of waterlogging disaster losses is of scientific significance for the formulation of disaster prevention and mitigation measures and the guidance of post-disaster recovery and reconstruction. In this study, the SCS-CN hydrological model and GIS coupling numerical simulation method were used to simulate the inundation of urban waterlogging under four different rainfall return periods and to realize the visualization of the inundation range and waterlogging depth in Zhengzhou. At the same time, based on the numerical simulation results, the building is used as the basic assessment unit to construct a refined assessment framework for urban waterlogging risk at the street community level based on hazard, exposure, and vulnerability analysis. The refined risk assessment results have an important reference value for optimizing the working ideas of waterlogging control and providing a reference for local management departments to effectively deal with waterlogging disasters.