Fire is a major threat to the safety of subway stations. With various methods and techniques for fire risk assessment at subway stations, this review presents the development process of fire risk assessment research and practice. By summarizing the definitions, regulations, and standards of risk evaluation and assessment in the Chinese subway industry, this work briefly presents the subway risk evaluation/assessment framework in China. Research on the fire risk assessment of subway stations can be divided into three categories according to the starting point and assessment criteria. The key feature, common technique, and typical examples of each category are illustrated. Finally, the potential development of fire risk assessment research for subway stations is discussed. Investigating the characteristics of fire risk, modeling uncertainty in fire risk assessment, and applying new concepts and methods in fire risk assessment practices are key directions for the future.