In this study, the fire risk assessment method for wood specimens is demonstrated using Chung’s equations-VII, Chung’s equations-VIII, and Chung’s equation-IX. As an example, the fire properties were tested using a cone calorimeter according to the ISO 5660-1 standard by selecting wood specimens coated with flame retardants. The external heat flux was 50 kW/m2. The fire performance index-VII (FPI-VII) is defined as the ignition time (TTI, s) divided by the product of the peak smoke release rate (SPRpeak, m2/s), the peak heat release rate (PHRR, kW/m2), and the CO/CO2 mean rate ratio (COPmean (g/s) / CO2Pmean (g/s)). Considering the importance of the early stage of fire, the first peak smoke release rate and the first peak heat release rate were applied. The Fire Growth Index-VII (FGI-VII) is defined as the product of the maximum smoke release rate (m2/s), the maximum heat release rate (kW/m2), and the CO/CO2 mean production ratio (COPmean (g/s) / CO2Pmean (g/s)) divided by the time to reach the maximum smoke production rate. The first maximum values of SPR and PHRR were chosen to assess the risk in the early stage of fire. The comprehensive fire risk assessment was conducted using the fire risk index-IX (FRI-IX), which is obtained by dividing the fire growth index-VIII (FGI-VIII) by the fire performance index-VIII (FPI-VIII).