A new risk evaluation method of deep excavation was presented by considering the correlation of multiple parameters. The load transfer and deformation of retaining structure and surrounding soil were analyzed to discuss the correlation mechanism of different parameters during deep excavation. The quantitative relationship among these parameters was determined by the statistical analysis. A multi-parameter risk evaluation method and software were then proposed based on the correlation analysis of multiple parameters. The presented method was applied in a case of metro station in Shanghai. The results show that some risk during construction which can not be warned by the traditional methods is found in the new method.