Abstract: To build a reasonable and practical risk analysis for subway construction, the performance-based risk analysis (PBRA) was proposed based on the performance-based earthquake engineering (PBEE). The procedure of the method consisted of four parts including determination for performance-based classification of risk loss, and analysis for mechanical response, analysis for classification of risk loss, analysis for performance-risk. The analysis results were expressed in the form of matrix of risk classification. Comparing with the existing methods, the advantages of PBRA method lie in three aspects:(1) PBRA achieves risk quantitative analysis in whole stage because of the combination to evolutionary physical progress of risk. (2) PBRA simplifies the determination of risk loss and could better accord with requirements of engineering because of the correspondence between risk loss and performance-level. (3) PBRA offers necessary conditions for intelligentizing risk analysis because of the integration of multidisciplinary research findings of civil engineering, traffic, environment, economy and society.