The application of the analytical hierarchy process (AHP) to the risk analysis of deep excavation was investigated. Firstly, the occurring probabilities of various risk factors during deep excavation were calculated. Secondly, the aftereffects of the risks were concluded by consulting the experts. Thirdly, the weight of each risk factor was obtained by AHP. Finally, the total risk of deep excavation could be evaluated by fuzzy complex evaluation. This risk analysis method was applied to evaluate the total risk of a real deep excavation, and the exemplification verified its feasibility.