Water and mud inrush is a common geological hazard in tunnel construction. Risk analysis of tunnel water and mud inrush has always been an important subject. In order to avoid the geological hazard, this paper presents a risk analysis model of tunnel water and mud inrush. The model combines the interpretive structural modeling method (ISM) and fault tree analysis (FTA). Relying on the Qinyu tunnel in the Weiwu expressway project, water and mud inrush risk factors are obtained by using ISM. Fundamental risk factors include formation lithology, attitude of stratum, strata combination, topography and geomorphology, geological structure and weather. ISM core risk factors are used as FTA basic events. Fuzzy importance of FTA basic events is obtained by using fuzzy interval calculation. The results show that geological structure is the primary risk factor causing Qinyu tunnel water and mud inrush. The model achieves qualitative and quantitative analysis of tunnel water and mud inrush. It accurately determines the main factors affecting the tunnel water and mud inrush, which is conducive to accident prevention.