Abstract: To analyze the risk of railway signal system in its life cycle from all aspects and angles, this paper proposed a risk analysis method of railway signal system based on hierarchical holographic model (HHM). Combined with the actual operation, risk sources could be divided into 8 categories. Based on double standards, risk filtering and rating were carried out, and multiple criteria were used to further analyze risk factors. Preventive measures were put forward to provide reference for risk analysis of railway signaling system.