In order to identify the key processes affecting the safety of propellant production, the text mining technology was used to extract the valuable information from the relevant literature, and 7 indicators were summarized, including equipment status, accident loss, accident impact, parameter monitoring, material characteristics, accident possibility and protection design, and the key processes of a propellant continuous pelletizing process were evaluated. The information entropy method is introduced to optimize the calculation of index weight in TOPSIS method, and the importance ranking of each process is comprehensively obtained, thus the key process is identified. The results show that the extrusion, pelletizing and plasticizing processes are the most important processes in the pelletizing process, which have a significant impact on the production safety of propellant. The results are consistent with the actual situation, which can provide ideas for the effective risk assessment.