Abstract: As the safety risk factors in the construction of underground caverns are mostly dynamic and interactive, therefore, in order to reduce the occurrence of safety accidents, clarifing the correlation between different risk factors of construction safety and evaluating its safety risk level are very important. In this paper, taking the Jinzhai Pumped Storage Power Stationan as a example, a safety risk evaluation model for underground caverns by grey clustering analysis based on ISM-ANP was established. Firstly, an underground cavern construction safety risk index system was established based on man-machine-management-environment. Then the interpretative structure model(ISM) was used to analyze the interaction relationship of the index factors, and it was used as the network structure established by the ANP model to obtain the weight of each index factor. Finally, the grey system theory was used to introduce the weight calculation results of the ANP to solve the comprehensive correlation degree, and the evaluation results of the risk were obtained. The research results showed that the safety risk of the underground tunnel construction of this hydropower project was between medium and high risk, closer to the medium risk state, indicating that the project had some hidden risks. The evaluation results were basically consistent with the actual situation.