The safety assessment for blasting vibration of the tunnel excavation near a dam is presented. Spectral analysis is performed to obtain the vibration frequencies. Wavelet multi-resolution analysis is used to extract the vibration energy in different frequency bands, and the energy distribution is also discussed. 3-D finite element vibration modal analysis of the dam with empty or full reservoir is conducted. Considering the safety criterion including vibration frequency, energy, structural modal parameters, and peak values of vibration velocity, we find the dam is safe under the impact of blasting vibration. The result is also helpful for the safety assessment of blasting vibration for similar projects.