Most previous studies on the quantitative risk assessment (QRA) of landslides focused on the probability of slope failure at the pre-failure stage and adopted empirical models for consequence analysis. The conventional approaches simplify the relationship between the pre-failure state and the post-failure behavior and cannot reasonably account for the effects of uncertainty on the entire landslide process. In this paper, an efficient QRA method that involves the direct simulation of the entire landslide process is proposed. A QRA formula that considers the probability of only those landslides that can impact the element at risk is used. The coupled Eulerian–Lagrangian method is used to simulate the entire landslide process and to identify slopes that can impact the element at risk and determine the failure consequences. The subset simulation method is adopted to efficiently estimate the probability of landslide impact, and parameter uncertainty is considered. Two case histories of landslides are investigated. First, the 2011 Baqiao loess landslide in Xi’an, China, is investigated, and the results of the proposed method are compared with those of the conventional approaches. Second, the proposed method is applied to assess the risk of the 2015 Ganjingzi landslide in the Three Gorges Reservoir. The effects of the risk mitigation works are also discussed.