The invention discloses an agricultural drought risk assessment method based on an APSIM model, and the method comprises the steps: building a needed APSIM crop model, carrying out the parameter calibration and model verification of the model, carrying out the simulation of the growth process of crop, constructing a drought disaster intensity index, carrying out the simulation calculation of a crop drought loss rate, building a relation curve between the crop drought loss rate and the level of the drought disaster intensity, and carrying out the risk estimation of the drought disaster level. The method guarantees the high sensitivity of the model in a severe drought environment based on the accurate simulation of crop water consumption, so the method also can enable the estimation result to be more accurate and reliable.