The importance of M/OD failure risk assessment for spacecrafts design is analyzed. A graphical user interface technology based M/OD Risk Assessment System (MODRAS) is developed. It's frame chart of M/OD failure risk assessment system is presented, including two modules of orbital debris risk assessment and meteoroid risk assessment. Each module consists of functional modules for M/OD environment, the spacecraft geometry modeling, impact probability analysis, failure probability computing module, spacecraft shield design, etc. These functional modules are shared except the environment module. That is to say, they can be used in both orbital debris and meteoroid environment risk assessment. The system is calibrated by three standard cases of IADC specified. The results show that the computing precision of MODRAS is very good with precisions of similar software in different countries, such as BUMPER, ESABASE, MDPANTO and MODAOST. The discrepancy of failure number of MODRAS and BUMPER is less than 4% in the meteoroid environment. And the maximum discrepancy is 8% in the orbital debris environment. Therefore, the analytic precision of MODRAS is calibrated. The distribution of failure particles in the surface of cube, sphere and simple space station are given.