The slope stability in an open-pit mine is closely related to the production safety and economic benefit of the mine. As a result of the increase in the number and scale of mine slopes, slope instability is frequently encountered in mines. Therefore, it is of scientific and social significance to strengthen the study of the stability of the slope rock mass. To accurately classify the stability of the slope rock mass in an open-pit mine, a new stability evaluation model of the slope rock mass was established based on variable weight and matter–element extension theory. First, based on the main evaluation indexes of geology, the environment, and engineering, the stability evaluation index system of the slope rock mass was constructed using the corresponding classification criteria of the evaluation index. Second, the constant weight of the evaluation index value was calculated using extremum entropy theory, and variable weight theory was used to optimize the constant weight to obtain the variable weight of the evaluation index value. Based on matter–element extension theory, the comprehensive correlation between the upper and lower limit indexes in the classification criteria and each classification was calculated, in addition to the comprehensive correlation between the rock mass indexes and the stability grade of each slope. Finally, the grade variable method was used to calculate the grade variable interval corresponding to the classification criteria of the evaluation index and the grade variable value of each slope rock mass, so as to determine the stability grade of the slope rock. The comparison results showed that the classification results of the proposed model are in line with engineering practice, and more accurate than those of the hierarchical-extension model and the multi-level unascertained measure-set pair analysis model.