In response to the randomness and fuzziness of water inrush risk in coastal gold mines, as well as the complex correlation among evaluation indicators, a GRA-VIKOR evaluation model of water inrush risk in coastal gold mines based on moment estimation theory was established to make the risk assessment more scientific. Firstly, 10 typical influencing factors were selected from two aspects of engineering geology and hydrogeology, and an evaluation indicator system was constructed. Secondly, four single weighting methods, namely IAHP method, G1 method, EM method, and I-CRITIC method, were used to calculate the subjective and objective weights of the indicators. Based on moment estimation theory, the integrated optimization method of subjective and objective weights was improved. According to the GRA-VIKOR principle, the risk status of water inrush was analyzed and determined by calculating the comprehensive evaluation values. Finally, the model was applied to the risk assessment of water inrush in 9 middle sections of a gold mine in Shandong Province, the risk level and ranking of water inrush in each middle section were determined. The results indicate that the evaluation results of the model are accurate and reasonable, in line with reality, and can provide reliable ideas for the risk evaluation of water inrush in coastal gold mines.