The growing need for energy (oil and gas) has led to offshore resource development. As a reflection of this trend, there have been many advances in the technologies used for the subsea production systems that make offshore resource development possible. As the technologies for subsea production systems continue to grow, a subsea X-mas tree, the core equipment in a subsea production system, is required to have more functions than before. Generally, these complex functions lead to a change in its configuration. Therefore, this paper investigates a change in a subsea X-mas tree system to enhance system understanding, and conducts a leakage path analysis of a subsea X-mas tree system. Utilizing the recent configuration of the subsea X-mas tree, an identification of the leakage path and a quantitative risk analysis for the leakage using an FTA (fault tree analysis) are conducted.