Hydrogen refueling station is an important guarantee for hydrogen energy supply and an essential infrastructure to support the development of hydrogen energy transportation. The conversion of existing petrol station into petrol-hydrogen joint refueling station is one of the major development directions. The investment on hydrogen refueling station is facing many uncertainties such as hydrogen production cost, market demand and price competitiveness. The investment return and investment risk assessment are the premise of scientific investment decision-making, but there is still a lack of systematic research. Therefore, this paper develops the investment return assessment and risk analysis method of the hydrogen refueling station. Based on the analysis on the data of the petrol-hydrogen joint refueling station development in Zhangjiakou, the key factors affecting the investment return of the refueling station are defined, and the random distribution forms and parameters of the key factors are determined in combination with the data available from home and abroad. Monte Carlo Simulation method is used to carry out multi-factor risk simulation of the investment benefit and risks of hydrogen refueling station. The simulation results show that the hydrogen production cost of different hydrogen production methods has a great impact on the benefits of the investment on the hydrogen refueling station. In comparison, the influence of hydrogen price on Net Present Value (NPV) is lower than that of hydrogen production cost. The hydrogen sales volume of the hydrogen refueling station is not the key factor to determine the investment risk of the project, but is an important factor to determine the investment payback period of the project. The research conclusion provides reference and guidance for the investment, development and risk assessment of hydrogen refueling stations in China.