Rainfall-induced landslides are often a complicated multi-stage process, starting from triggering by rainfall infiltration, to landslide initiation, and post-failure large deformation of soils. Landslide risk is controlled by the whole process, because the rainfall infiltration and landslide initiation determine the landslide probability and the large deformation of soils often governs landslide consequences. However, previous probabilistic slope stability studies rarely modelled the whole landslide process from rainfall infiltration to large deformation of soils for quantitative risk assessment of landslides. This difficulty may be tackled by a random finite element and material point methods (RFE-MPM) with hydro-mechanical coupling, which utilizes a finite element method for simulation of hydro- mechanical responses under rainfall infiltration and slope stability analysis. After a landslide is initiated, a two-phase MPM is used for simulating post-failure large deformation of soils. The RFE-MPM method is illustrated by a slope example. Results shown that the RFE-MPM with hydro-mechanical coupling properly estimates both landslide probability and post-failure consequences, and it is a suitable tool for quantitative risk assessment of rainfall-induced landslides.