Abstract: This paper conducts an in-depth analysis of safety risks in integrated substation maintenance and testing operations and obtains a list of safety risk factors. It then develops a risk stock and flow diagram, formulates variable equations, and performs a holistic evaluation of the system dynamics model for safety risks in integrated substation maintenance and testing operations from both static and dynamic perspectives. From the perspective of phased control over the operation cycle, risk control measures are proposed and quantified in the safety risk control model. Three risk control models are summarized, namely the zigzag type, stable type, and peak type. All three models mitigate the growth of system risk to some extent, among which the peak type is closest to actual conditions and achieves the best control effect. From the perspective of full-process operation control, control measures are proposed for eight key links in the whole process, providing a reference for personnel and enterprises engaged in the safety management of integrated substation maintenance and testing operations.