A risk assessment method of dust explosion applicable to wood product processing enterprises was studied to effectively control the occurrence of dust explosion accidents. First, considering the explosive attributes of dust and the technical attributes of wood product processing, a risk assessment index system for dust explosion was constructed from the human, machine, environment, and management perspectives. It comprises 3 first-level indices (namely: accident possibility, accident severity, and safety management system), 6 second-level indices, and 28 third-level indices. The weight of each index was calculated using the structural entropy weight method (SEWM). Second, combined with an association degree matrix, a theoretical model for dust explosion risk assessment was established using a three-dimensional matrix method. Finally, an empirical analysis was conducted on a wood product processing plant using the established model. It was concluded that the overall risk level of the plant was level IV, indicating a relatively high risk. This conclusion is consistent with the actual operation status of the plant, showing that the model has a certain degree of applicability and effectiveness.