Ecological risk assessment of combined polluted soil has been conducted mostly on the basis of the risk screening value (RSV) of a single pollutant. However, due to its defects, this method is not accurate enough. Not only were the effects of soil properties neglected, but the interactions among different pollutants were also overlooked. In this study, the ecological risks of 22 soils collected from four smelting sites were assessed by toxicity tests using soil invertebrates (Eisenia fetida,Folsomia candida,Caenorhabditis elegans) as subjects. Besides a risk assessment based on RSVs, a new method was developed and applied. A toxicity effect index (EI) was introduced to normalize the toxicity effects of different toxicity endpoints, rendering assessments comparable based on different toxicity endpoints. Additionally, an assessment method of ecological risk probability (RP), based on the cumulative probability distribution ofEI, was established. Significant correlation was found betweenEI−basedRPand theRSV−based Nemerow ecological risk index (NRI) (p< 0.05). In addition, the new method can visually present the probability distribution of different toxicity endpoints, which is conducive to aiding risk managers in establishing more reasonable risk management plans to protect key species. The new method is expected to be combined with a complex dose–effect relationship prediction model constructed by machine learning algorithm, providing a new method and idea for the ecological risk assessment of combined contaminated soil.