Realizing the accurate risk assessment of distribution network equipment is of great significance in improving reliability. There is an evaluation problem of considering multiple risk factors under different weights. Thus this paper proposes a risk assessment method based on an improved AHP-CRITIC-MARCOS method. First, it selects appropriate evaluation indicators for the risk of the equipment. Second, the improved AHP method combined with CRITIC method is used to calculate the subjective and objective comprehensive weight of each index. Finally, the utility function of the distribution network equipment to be evaluated is calculated using the MARCOS method in multi criteria decision-making, and the risk degree of each equipment is ranked accordingly. The effectiveness of the proposed method is verified by an example. The results can be used to accurately select equipment upgrading and improve the reliability of a distribution network. This work is supported by the National Natural Science Foundation of China (No. 51777058).