Taxation risk is an important factor for the development of the chemical enterprise, which can affect the operation of the chemical enterprise, and therefore the application of the analytic hierarchy process on it is studied in depth. Firstly, the importance of strengthening taxation risk management of chemical enterprise is summarized. Secondly, the basic theory of analytic hierarchy process is studied in depth, the analyzing procedure is discussed, and the improved algorithm is put forward. Finally, a case study is carried out, and the taxation risk situation of a chemical enterprise is assessed based on the analytic hierarchy process, and results show that this method can offer the effective theory basis for the taxation risk management of the chemical enterprise.