This paper presents the procedures and the results conducted by the proposed one for the risk assessment based on the accident statistics in the Korean railway. Approximately 1200 accident data were used for this study, and risk models were developed to describe the potential hazards. A risk assessment was conducted using the potential problem analysis technique qualitatively. Additionally, this study performed a regional risk assessment. The results of this study showed that the risks for collisions between trains and derailment are relatively low. However, grade crossing and public accident and accidents of workers on tracks take high risks. A large number of accidents is concentrated on the three regions such as Suwon, Chunan, and Chungrangri.