University chemical laboratory is a high-risk place for teaching and scientific research due to the presence of various physical and chemical hazards. In recent years, university chemical laboratory accidents occur frequently. This urges the need to enhance university chemical lab safety. A semi-quantitative methodology comprising Matter-Element Extension Theory (MEET) implemented with Combination Ordered Weighted Averaging (C-OWA) operator is proposed to assess the risk of a university chemical laboratory. First, an index-based risk assessment system of university chemical laboratory is built by identifying various risk factors from a system perspective. Then, C-OWA operator is used to calculate the weight of assessment indices, whereas MEET is employed to determine the correlation degree of assessment indices. Finally, the comprehensive risk of university chemical laboratories is assessed, and some safety measures are proposed to reduce the risk of university chemical laboratories. The applicability of the proposed methodology is tested using a practical case. It is observed that the methodology can be a useful tool for risk assessment and management of university chemical laboratories.