Developing a quantitative hazard assessment model for spontaneous coal gangue combustion is imperative to ensuring the safety of coal mining operations. In this study, eight types of coal gangue from different coalfields were used to determine the controlling factors for spontaneous combustion. A variety of physical and chemical characterization methods were employed to investigate the physical and chemical characteristics of the samples. Based on the experimental results, six key parameters were identified, namely the aliphatic C–H components, pyrite sulfur content, physical oxygen absorption capacity, ash content, ignition point temperature, and activation energy for thermal decomposition. The results show that the spontaneous combustion hazard of coal gangue is positively correlated with the first three of these and is negatively correlated with the rest. Using the entropy-weight method combined with the analytic hierarchy process, appropriate weighting factors for each parameter were obtained and used to establish a quantitative assessment model for the spontaneous combustion hazard of coal gangue. This model is expected to enhance the current industrial best practices for the prevention and control of spontaneous coal gangue combustion.