© 2017 Taylor & Francis Group, LLC.University laboratories involve various occupational hazards during the research and course activities, which might affect health and safety of both researchers and students, including chemical, physical, electrical, mechanical, as well as ergonomic and psychosocial risk factors. There are many aspects open to improvements in Occupational Health and Safety management of laboratories, and it is required to deal with risks, reduce them in an acceptable level, and implement control measures. In this study, a risk assessment approach is proposed for the university laboratory operations. The proposed approach incorporates 5S methodology, failure modes and effects analysis (FMEA), interval type-two fuzzy sets (IT2FSs), analytic hierarchy process (AHP), and the VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR). AHP is injected into IT2FSs in the phase of evaluation and weighting of severity (S), occurrence (O), and detectability (D) parameters of FMEA. By applying IT2FVIKOR, it is aimed at prioritizing the emerged hazards in the chemical laboratory of the observed university. The proposed approach reveals the important hazards and suggests control measures for managing them. The study methodologically contributes to risk assessment in the knowledge, while a case study in a chemical laboratory of a newly established university offers an insight into education industry in safety improvement.