Due to urbanization and climate change, urban areas are becoming more susceptible to flooding, posing significant risks to human life and property. Numerical simulation techniques can provide valuable support in mitigating urban flood risks. The objective of this study is to establish a novel framework for flood risk assessment based on refined urban flood simulations. To achieve refined urban flood simulations, the Torricelli’s law is incorporated into a two-dimensional fluid dynamics model, and a numerical analysis model is developed to estimate the inundation within buildings and accurately simulate the entire inundation process. The model was used to reproduce a real flood event in Omihachiman City, Japan, with the Nash-Sutcliffe Efficiency (NSE) values of 0.6488 and 0.7182, demonstrating the credibility of the model. Based on the simulation results, the hydrological causes of the flood event were analyzed, and flood prevention measures were proposed. After implementing these measures, the maximum water depths at the study area were reduced to 0.14 m, 0.62 m, and 0.12 m, respectively, proving the effectiveness of the flood prevention measures. To address the issue of inundation depth not fully reflecting flood risk, the instability of human bodies in floodwaters is conducted to evaluate flood risk for adults and children in the target area. In response to increasingly frequent extreme rainfall events, the extreme precipitation events of three different return periods (10-year, 50-year, and 100-year) are used to assess the flood risk and the effectiveness of flood prevention measures. Based on the assessment results, the flood prevention measures not only reduced the flood risk levels but also decreased the flood risk area, further confirming their effectiveness.