Nowadays, new technologies, materials and machines enable the application of tunnel solutions even in the most difficult construction conditions. However, even with the great progress in tunneling, uncertainties and risks are always present in this field. In this direction, risks in tunnel construction should be appropriately analyzed and managed. This paper shows a methodology for risk assessment of road tunnels using combination of fault and event tree analysis. The fault tree is used for determination of the probabilities of previously estimated hazards and the event tree defines the consequences and the risks during a road tunnel construction in a quantitative form. The use of such approach can contribute to more successful tunneling project.