In order to ensure the safety of intelligent substation and avoid information security risks, it is necessary to evaluate and manage the vulnerability in the substation. The mainstream risk assessment methods use asset importance, threat level and vulnerability level as quantitative indicators. Through these three indicators, the value of the impact and possibility of security events is obtained, and then the risk of the object is calculated. This paper proposes a CML-based intelligent substation logic node network failure chain model, Through the establishment of a network of intelligent substation logical nodes and logical connections between nodes, the impact of different logical nodes on the overall logical network of intelligent substation in the event of a fault is evaluated, so that the intelligent substation information security risk can be effectively analyzed. The intelligent substation information security risk analysis and management subsystem based on this model can help managers manage information security risk data of intelligent substation and realize data visualization. The results show that the information security risk analysis and management of intelligent substation can be improved.