Subway construction is often in a complex natural and human-machine operating environment, and that complicated setting leads to subway construction being more prone to safety accidents, which can cause substantial casualties and monetary losses. Thus, it is necessary to investigate the safety risks of subway construction. The existing literature on the identification and assessment of subway construction safety risks (SCSR) is susceptible to the influence of subjective factors. Moreover, although existing studies have explored the interrelationships between different risks, these studies usually analyze the interrelationships of single risks, lack the study of risk chain transfer relationships, and fail to find out the key path of risk transfer. Therefore, this paper innovatively combines text mining, association rules, and complex networks to deep mine subway construction safety incident reports and explore the risk transfer process. Firstly, it uses text mining technology to identify subway construction safety risks. Then, association rules are introduced to explore the causal relationships among safety risks. Finally, the key safety risks and important transfer paths of subway construction safety accidents (SCSA) are obtained based on the complex network model. Research results show that (a) improper safety management, unimplemented safety subject responsibilities, violation of operation rules, non-perfect safety responsibilities system and insufficient safety education and training are the key safety risks in SCSA; (b) two shorter key risk transfer paths in the subway construction safety network can be obtained: insufficient safety education and training→lower safety awareness→violation of operation rules→safety accidents; insufficient safety checks or hidden trouble investigations→violation of operation rules→safety accidents; (c) in the process of risk transfer, the risk can be controlled by controlling the key safety risk or cutting off the transfer paths. This paper provides new ideas and methods for SCSR identification and influence element mining, and the results of the study help safety managers propose accurate subway construction safety risk control measures.