Abstract: Earthquake risk evaluation actualities for oil and gas pipelines are summarized from failure probability and failure concequence, and new calculation method and model are presented.Failure probability of pipeline induced by earthquake can be obtained through computing the probobility exceeded allawable stain of pipeline for stain of pipe body.Statistical method for mean failure concequence of pipeline accidents is applied to concequence analysis, and the quantitative value for earthquake risk distribution along pipeline is obtained through computing method, which can be used in guiding pipeline aseismic design and risk management for pipeline during operation.