In the context of building resilient cities, this paper discusses the risk assessment and management of urban natural disasters, aiming at the problem that cities are frequently affected by natural disasters due to dense urban population and economic activities. In view of the lack of a unified and completed risk assessment framework for multi-hazard risk prevention and urban resilience targets, this paper draws on the research achievements in risk management, disaster system theory, property assessment and value of statistical life (VSL), then builds a comprehensive theoretical framework for urban natural disaster risk assessment. The framework not only focuses on the direct economic losses caused by urban natural disasters, but also innovatively considers the additive effects of different types and frequencies of hazards, as well as the resulting compound consequences, thus achieving an integrated and systematic assessment of urban place-based relative composite risk. Through interdisciplinary methods, this study broadens the theoretical horizon of urban multi-disaster risk assessment and provides important theoretical support and framework reference for the practice of resilient city construction. By applying the framework, policy makers and managers can identify, assess and respond to urban natural disaster risks more scientifically, and develop more effective and forward-looking risk management strategies to enhance the resilience of cities.