Abstract: This study identifies risk factors associated with the utilization of mine water resources, and based on the objective of a bilateral coordination between supply and demand, selects three primary indicators, namely water volume, water quality, and economy (cost), and 12 secondary indicators of risk assessment to establish a risk assessment index system for mine water use. A mine water utilization risk assessment model is constructed on the basis of the set pair analysis (SPA) theory. Seven mining areas in the Xinghan area of the Jizhong coal base are selected as typical cases, and the analytic hierarchy process and SPA are applied to conduct mine water utilization risk assessment. The evaluation results of the two methods are consistent: Xingtai and Gequan have a low risk, whereas Zhangcun, Xiandewang, Xingdong, Dongpang, and Xipang have a medium risk. The risk level is mainly affected by water quality and volume, and is least affected by economy. The evaluation results are in line with the actual conditions of mine water resource utilization, thus confirming the feasibility of the SPA theory for mine water utilization risk assessment. The model can also be applied to risk assessment in other mining areas.