With the rocketing development of underground gas storage in China,much emphasis is focused on the economic and safe operation of these facilities.A systematic investigation and characterization of factors that affect the life safety and economic risk of storage facility is important for preventing the occurrence of accidents.In this paper,the underground salt cavern gas storage facility is employed to evaluate the risk.The eight hazards that could contribute to the facility risk,corrosion,erosion,hydrate formation,equipment failure,operation related,mechanical damage,geologic effects and natural forces,are analyzed by integrated analysis approach.A fault tree approach was used to assess the risk for the underground facilities,a quantitative risk assessment method based on API581 was used to assess the surface plant facilities,and a risk indexing method was used to assess the gathering lines.To demonstrate the application of the risk assessment model,a typical underground salt cavern gas storage facility was analyzed.