Reactor pressure vessel (RPV) steels are subjected to neutron irradiation that can lead to loss of fracture toughness. One of the critical issues for RPV structural integrity is related to the pressurized thermal shock (PTS) event. Risk assessment is important for safety evaluation and maintenance planning of a nuclear power plant. In this study, a new method was developed to assess a failure risk of RPV at PTS event for the risk-based maintenance. The failure risk was caused by fluctuations of stress intensity factor (K1) and fracture toughness (K1C) of cracks at the inner surface of the RPV. The optimization of conventional time-based maintenance of RPV was discussed.