A subsea chemical injection system treats blockage problems in a subsea production system. It is important to treat problems quickly, because production delays cause fatal profit losses in a subsea production system. Therefore, the subsea industry requires a relatively higher reliability level for a production system compared to other industries. In this study, a subsea chemical injection system (linked to a control system) to inject chemicals into a subsea X-mas tree was analyzed. By using FSA (Formal Safety Assessment), the risk factors were defined and a quantitative risk analysis utilizing FTA (Fault Tree Analysis) and ETA (Event Tree Analysis) was performed. As a result, the effectiveness of a risk reduction option was evaluated.