The construction industry plays a crucial role in contributing to the economy and developing sustainable infrastructures. However, it is known as one of the most dangerous industrial domains. Over the years, special attention has been paid to developing models for managing and planning construction safety. Many research studies have been carried out to analyze the root causes of fatal accidents in construction sites to develop models for preventing them and mitigating their consequences. Root cause identification and analysis are essential for effective risk mitigation. However, implementing mitigation activities is usually limited to the project’s safety budget. The construction sector suffers from a lack of allocation of appropriate safety resources triggered by a dynamic and complex project environment. This study aims to address the gap in safety resource allocation through a comprehensive root cause analysis of construction work accidents. In this paper, we present a comprehensive review of work accident-related research, categorized according to the 5M model into five root factors: medium, mission, man, management, and machinery. A novel methodology for construction safety resource allocation is proposed to mitigate risks analyzed by the 5M model with the aid of advanced technological solutions. Safety resource allocation alternatives are formulated, and their priorities are established based on an analysis of structured criteria that integrate both risk and cost considerations. The Analytical Hierarchy Process (AHP) is employed to select the optimal alternative for safety resource allocation, with the objective of effective risk mitigation. The proposed model underwent validation through two different case studies. The findings indicate that risk aversion is a critical factor in the optimal allocation of safety resources. Furthermore, the results suggest that regulatory measures should prioritize the stimulation of risk motivation in the safety decision-making processes of construction firms.