There are many risk factors such as corrosion, design defect, third party damage and so on during the process of the oil and gas pipeline. It is necessary for the enterprise to take the appropriate strategies to eliminate control, transfer or evade those risk factors. Because of the different risk tolerance, different oil and gas pipeline enterprises may take a different risk strategy to the same risk. At present, researches on the risk of the oil and gas pipelines is focused on the existing pipelines, and less on the risk tolerance of the oil and gas pipelines enterprises. Therefore, from the enterprise's risk tolerance of risk decision, the risk tolerance assessment model was established based on the AHP (Analytic Hierarchy Process), and the risk value were carried out by the fuzzy comprehensive assessment in this paper. And then the model was applied to an oil pipeline project, the risk factors were identified and assessed, the risk tolerance decision value of each risk was calculated to determine the major risk factors of the pipeline engineering. Also the corresponding risk strategies were put forward finally. The practical application shows that the risk assessment model based on the risk tolerance is comprehensive, reliable, and applicable, and can be used as an effective tool of risk evaluation and decision-making of oil and gas pipeline engineering.