Abstract: The deep space economy, with the Moon, Mars, asteroids, and more distant space as its principal arenas, is driving outer space activities from scientific exploration and near-Earth-orbit applications toward deep space resource development, infrastructure construction, and sustained commercial operations. While expanding the scope of human activity, this development also places new pressure on the applicability of the existing space law system. Against the background of the deep space economy, the safety and security risks of outer space activities are mainly manifested in two categories. The first concerns security risks arising from the extension of the weaponization of outer space into deep space and the militarization of deep space infrastructure. The second concerns safety risks caused by the spread of space environmental hazards—such as space debris, collisions, and the use of nuclear power sources—from near-Earth orbit to deep space regions. The common root of these risks lies in the fact that current international space law is highly principled but insufficiently operational. Existing regimes concerning state responsibility, continuing supervision, due regard, registration, and liability for damage have not yet fully adapted to the multi-actor, high-risk, and long-duration characteristics of the deep space economy. In response, risk governance should serve as the benchmark for constructing a governance pathway that coordinates soft law and hard law regulation. Principles such as the peaceful use of outer space should be translated into concrete institutional arrangements. Mechanisms for licensing deep space activities, dynamic registration, space traffic management, environmental impact assessment, hazardous payload review, compulsory insurance, and liability recourse should be improved. At the same time, China should advance unified legislation on space activities, so as to provide legal safeguards for the safe and sustainable development of the deep space economy.