Probabilistic assessment of voltage stability margin (VSM) with existence of correlated wind speeds is investigated. Nataf transformation is adopted to establish wind speed correlation (WSC) model. Based on the saddle-node bifurcation transversality condition equations and Monte Carlo simulation technique, probability distribution of VSM is determined. With correlation coefficients range low to high value, the effect of WSC on VSM is studied. In addition, two risk indexes are proposed and the possible threat caused by WSC is evaluated from the viewpoint of risk analysis. Experimental results show that the presence of correlated wind speeds is harmful to safe and stable operation of a power system as far as voltage stability is concerned. The achievement of this paper gives a detailed elaboration about the influence of WSC on voltage stability and provides a potentially effective analytical tool for modern power system with large-scale wind power sources integration.