Foundation pit excavation will inevitably cause uneven ground settlement to pose potential risks to adjacent structures and infrastructures. To better perceive the risk status of adjacent buildings using multi-source information, a temporal-spatial-fusion-based risk assessment (TSFRA) model under the consideration of uncertainty and causality is developed by integrating FAHP (Fuzzy Analytic Hierarchy Process), DGDT (DAG-GNN, DEMATEL method, and topological analysis), and CM (cloud model). More specifically, FAHP handles temporal weights of excavation conditions based on expert knowledge. DGDT determines spatial weights for monitoring points, with DAG-GNN constructing causal graphs in a data-driven manner, DEMATEL handling global interactions, and topological analysis calculating node importance. CM can finally fuse the temporal (excavation conditions) and spatial (monitoring points) weights with settlement monitoring data, resulting in qualitative assessments of the overall risk status of adjacent buildings in uncertain environments. The proposed TSFRA is verified in the case of a Shanghai metro station construction project. Results indicate that the perceived risk of the project is at a relatively low level, consistent with the actual condition. High-risk excavation conditions and locations can be easily identified. There is a trend toward higher risk during the excavation of soft soil layers, and thus some risk control measures can be formulated to avoid potential risk events. In short, the weight determination and fusion method in TSFRA contribute to handling uncertainties in expert judgments and causalities in collected data, which can practically provide more reliable decision-making in excavation-induced risk assessment and control for ensuring the safety of adjacent buildings.