Abstract: On the basis of analyzing the difference between the long-term evolution process and the short-term evolution process of the power grid, the concept of power grid cascading failure operation risk is proposed, the relationship between the long-term risk of cascading failure and operation risk is quantitatively analyzed, and a power grid cascading failure operation risk assessment model is established. The Monte Carlo method is used to simulate the evolution of the power grid with a given initial operating mode, and a fuzzy segmentation multi-objective risk framework is introduced to establish an evaluation index system. An example study was conducted in the IEEE 118 node system to analyze the impact of system operating parameters on the risk of power grid cascading failure under a given operating mode.