An enhanced failure mode effect analysis (FMEA) based risk assessment for subsea compressor systems was proposed in this study. The enhanced model was established using a combination of fuzzy analytic hierarchy process (FAHP), fuzzy comprehensive evaluation, and FMEA. Different from the traditional FMEA model, the model improved the capability to identify system faults and to further measure the risk of a subsea compressor system through effective qualitative and quantitative analyses. A case study was then conducted to demonstrate the capability of the developed method in a complete risk assessment for a subsea compressor system and the subsystems and subcomponents with low reliabilities were identified. Comparing the enhanced model with previous models, it is found that the potential risks of some components are changed, and the components with higher potential risks in the system are identified. Sensitivity analysis to investigate the impact of parameters of subcomponents on system reliability was also performed.