Considering the limitation and particularity of an old industrial plant renovation project, the safety management of its steel structure construction is affected by many factors. Thus, to improve safety management abilities, it is necessary to analyze the affecting factors. This study extracted 23 indicators of factors affecting construction safety management ability and established an index system. The system contains five dimensions: materials, machinery and facilities, structures, technologies, and personnel and measures. In this paper, interpretation structure modeling was used to qualitatively analyze the indicators, and an analytic network process was used to quantitatively analyze the weights of indicators. By this means, the indicators were assigned to different levels and sorted by weights. The result shows that the fundamental factors are safety operating procedures, safety technical standards and safety technology training. An old industrial plant renovation project was carried out to verify the rationality and practicability of the analytical model in the hope of providing theoretical support for similar projects.