The aim of this study is to establish the risk evaluation model for evaluating the flight safety level objectively and precisely based on flight exceedace events. The traditional risk assessment is revised. The flight quality monitoring projects which are the main factors affecting the flight safety are selected as the evaluation indices. The weights of the indices are determined by the analytic hierarchy process, the corresponding coefficients are set for different grades of exceedance events. The exceedance events rate is the frequency of occurrence. And the risk evaluation model is established. The flight safety risk is calculated with qualitative and quantitative methods. The risk level and the main risk factors affecting the flight safety risk are determined. Some specific measures are taken to improve the flight safety risk management level. The flight quality monitoring events of a certain airline’s B737 fleets during the first half of 2017 verify the validity of the model. It is found that the risks in landing and take-off are the greatest. The risk in landing contributed greatly to overweight landing, high speed during landing, vertical g high during landing and high roll during landing. The risk in the taking off phase contributed greatly to high pitch rate at rotation, low speed at rotation, high speed at rotation and low pitch rate at rotation.