Abstract: At present, the production and operation and maintenance departments of all grass-roots units have normalized the differentiated operation and maintenance of substation equipment, but the operation and maintenance strategy in some regions is not targeted, resulting in poor operation and maintenance results.This paper proposes a precise operation and maintenance strategy of substation equipment based on risk identification, which can further improve the lean management level of equipment operation and maintenance, reduce the waste of various links of operation and maintenance, improve the efficiency and quality of operation and maintenance, effectively control equipment risks, and improve the reliability of power supply.