Accidental leakage from oil–gas storage tanks can lead to the formation of liquid pools. These pools can result in vapor cloud explosions (VCEs) if combustible vapors encounter ignition energy. Conducting accurate and comprehensive consequence analyses of such explosions is crucial for quantitative risk assessments (QRAs) in industrial safety. In this study, a methodology based on the SLAB-TNO model to calculate the overpressure resulting from a VCE is presented. Based on this method, the consequences of the VCE accident considering the gas cloud concentration diffusion are studied. The probit model is employed to evaluate casualty probabilities under varying environmental and operational conditions. The effects of key parameters, including gas diffusion time, wind speed, lower flammability limit (LFL), and environment temperature, on casualty diffusion are systematically investigated. The results indicate that when the diffusion time is less than 100 s, the VCE consequences are significantly more severe due to the rapid spread of the gas cloud. Furthermore, increasing wind speed accelerates gas dispersion, reducing the spatial extent of casualty isopleths. The LFL is shown to have a direct impact on both the mass and diffusion of the flammable gas cloud, with higher LFL values shifting the explosion’s epicenter upward. The environmental temperature promotes gas diffusion in the core area and increases the mass of the combustible gas cloud. These findings provide critical insights for improving the safety protocols in oil and gas storage facilities and can serve as a valuable reference for consequence assessment and emergency response planning in similar industrial scenarios.