Hydraulic cavitation is usually an undesirable phenomenon since it can damage the concrete surface of a chute spillway. In order to numerically predict the potential cavitation of a high‐speed flow in a chute spillway, a compound risk assessment is proposed by combining probabilistic analysis with a computational fluid dynamics (CFD) technique. Based on the local pressure and flow velocity of the nodes, the traditional cavitation number is introduced to characterize the possibility of cavitation. The distribution of cavitation numbers was obtained according to the numerical simulation of the flow field in an open spillway. A hydraulic experiment was conducted to validate the numerical result. As a result, the potential cavitation region could be shown by visualizing the numerical result. Comparing the numerical results with the experimental results, hydraulic model validates the numerical simulation. The proposed numerical approach is economical and saves time; moreover, it can provide greater information about the potential cavitation region. This approach is more convenient for designers in their efforts to optimize the spillway shape and protect the concrete structure from cavitation erosion while maintaining lower costs and achieving higher visualization.