It is a significant task to assess the safety of the aging offshore jacket platform in order to extend the service life. This paper analyzes the multiple risk factors of an aging jacket platform in Bohai Bay, China and builds the safety evaluation index system, which includes three levels, namely, the target layer, the first-grade indicators layer and the second-grade indicators layer. The target layer consists of three first-grade indicators: ocean environments, structure status, and human and organizational factors. Each first-grade indicator is divided into three second-grade indicators. The weight of each indicator is calculated by analytic hierarchy process to weaken subjective effect. Grey clustering method is applied to estimate the failure risk of the platform in Bohai Bay qualitatively and quantitatively. The assessment standard is divided into five grades and the whitening function of each grey cluster is determined by the assessment scheme. The grey evaluation weight vector of each second-grade indicator is calculated by the table dispatching method. Through layer by layer calculation, the grey assessment value of the target layer is finally estimated by making the grey assessment weight vector single-value and the grey grade is determined according to the maximum principle. The evaluation results show quantitatively that the failure risk grade of the jacket platform in Bohai Bay is medium and the safety assessment method is reasonable and feasible.