Abstract: Oil industry is a highrisk business，with high temperature and pressure，inflammability，explosiveness and complex process.Therefore，it is necessary to fully emphasize health，safety and environmentfriendliness in this industry.Taking the highrisk drilling operation as the breakthrough point，extensive studies are done on the HSE risk management.After elaborating risk identification and assessment，risk reduction measures and emergency response plans，the author presents suggestions on implementation of HSE risk management in oil companies，and believes that the implementation of HSE risk management will help improve risk management effectiveness in drilling operations，and hence promote competitiveness of drilling operation companies so that they can further approach the advanced production and management level in the world.

Key words: oil industry, drilling operation, HSE risk management, risk identification, risk assessment