Glacial lake outburst floods (GLOFs) are one of the most severe disasters in alpine regions, releasing a large amount of water and sediment that can cause fatalities and economic loss as well as substantial damage to downstream infrastructures. The risk of GLOFs in the Himalayas is exacerbated by glacier retreat caused by global warming. Critical economic corridors, such as the Rongxer Watershed, are threatened by GLOFs, but the lack of risk assessment specific to the watershed hinders hazard prevention. In this study, we propose a novel model to evaluate the risk of GLOF using a combination of remote sensing observations, GIS, and hydrological models and apply this model to the GLOF risk assessment in the Rongxer Watershed. The results show that (1) the area of glacial lakes in the Rongxer Watershed increased by 31.19% from 11.35 km2 in 1990 to 14.89 km2 in 2020, and (2) 18 lakes were identified as potentially dangerous glacial lakes (PDGLs) that need to be assessed for the GLOF risk, and two of them were categorized as very high risk (Niangzongmajue and Tsho Rolpa). The proposed model was robust in a GLOF risk evaluation by historical GLOFs in the Himalayas. The glacial lake data and GLOF risk assessment model of this study have the potential to be widely used in research on the relationships between glacial lakes and climate change, as well as in disaster mitigation of GLOFs.