Abstract: The vulnerability assessment theory is used and the vulnerability assessment methodology is proposed considering current security risk for overseas pipeline projects, helping to improve the security risk assessment system of oil and gas pipeline. The vulnerability assessment model is established for four aspects, i.e. assets, threat, target attractiveness and vulnerability. Specifically, the assets, threat and target attractiveness are assessed qualitatively using historical data and current situation, while the vulnerability is assessed by fault tree and expert consultation which will derive vulnerability factors. On this basis, a three-level index system is built, and the index level sets are confirmed through consulting relevant standards; the weights of indexs are calculated using Matlab software, and quantitative calculation are made using comprehensive fuzzy evaluation method. Taking the overseas pipeline as an example, vulnerability analysis of current security status is conducted, and the result shows that the method is feasible.