In order to comprehensively consider the possibility and the severity of frequency instability risk, this paper proposes the risk evaluation model and algorithm for frequency collapse of power grid. The uncertainties in generating dispatch, network topology and component outage are considered. The calculation method for system frequency variation is depicted while considering the active power deficiency arising from random failure of generating units, and then various probabilistic risk indices for frequency collapse are defined. The presented method can provide important reference information for evaluating the frequency collapse risk of power grid. The non-sequential Monte Carlo simulation-based results of IEEE-RTS79 show the correctness of the method.