This study develops a risk status evaluation model by integrating the technique for order preference by similarity to an ideal solution (TOPSIS) and Monte Carlo simulation (MCS) methods. The excavation system is divided into subsystems based on the monitoring scheme. The TOPSIS method integrates the information on the influential factors, and MCS overcomes the uncertainty, fuzziness, and human errors in data collection. A comprehensive weight determination method is proposed to determine the weights of the influential factors. The developed model was applied to evaluate the risk status of excavation projects in Tianjin. The results were consistent with the actual conditions of the excavation system. The higher correlation factors in the evaluation results can be identified through correlation analysis. Finally, a value for the ideal parameter λ in the membership function is recommended through sensitivity analysis. The developed model provides guidelines for establishing early risk warnings and management for excavation engineering.