A probabilistic hazard analysis of a tsunami generated by a subaqueous volcanic explosion was performed for Taal Lake in the Philippines. The Taal volcano at Taal Lake is an active volcano on Luzon Island in the Philippines, and its eruption would potentially generate tsunamis in the lake. This study aimed to analyze a probabilistic tsunami hazard of inundated buildings for tsunami mitigation in future scenarios. To determine the probabilistic tsunami hazard, different explosion diameters were used to generate tsunamis of different magnitudes in the TUNAMI-N2 model. The initial water level in the tsunami model was estimated based on the explosion energy. The tsunami-induced inundation from the TUNAMI-N2 model was overlaid on the distribution of buildings. The tsunami hazard analysis of inundated buildings was performed by using the maximum inundation depth in each explosion case. These products were used to calculate the probability of the inundated building given the occurrence of a subaqueous explosion. The results from this study can be used for future tsunami mitigation if a tsunami is generated by a subaqueous volcanic explosion.