Liquefaction of soil foundation is one of the major seismic damage types of infrastructures. In this paper, deterministic and probabilistic approaches for the evaluation of liquefaction potential are briefly summarized and the risk assessment method is newly proposed using seismic fragility and seismic hazard curves. Currently the deterministic approach is widely used to evaluate the liquefaction potential in Korea. However, the there are a certain degree of uncertainties in the soil properties such as elastic modulus and resistant capacity, therefore the probabilistic approach is more promising. Two types of probabilistic approach are introduced including (1) failure probability for a given design earthquake and (2) the seismic risk of liquefaction of soil for a given service life. The results from different methods show a similar trend, and the liquefaction potential can be more quantitatively evaluated using risk analysis method.