AbstractStability issues can significantly increase the risk of hybrid microgrids (HMGs), particularly during island mode operation. The dynamic performance of the system can induce constraints and stability margins that may elevate the loss of load probability. This paper presents a new stability‐oriented risk assessment model that bridges the conventional reliability models, stability, and system risk. The proposed model ensures the risk of the system by considering the redesign or reconfiguration of HMGs to address stability issues. First, the interlinking converters (ICs) DC‐link voltage stability is analysed to determine the acceptable power flow margins in rectifying and inversion mode. Next, the new general risk assessment model is introduced. The results show that the stability margin significantly increases the risk of the HMG, particularly when considering the aging of converters. The study also examines the impact of various load characteristics and ICs with different numbers but the same total size. In some cases, the risk is acceptable for the desired loads, or it can be reduced to an admissible level by reconfiguring the ICs. Finally, the paper demonstrates the effectiveness of the proposed model in the optimal design of HMGs, aiming to guarantee the system's risk.