Risk assessment and risk management have evolved significantly since their establishment as a scientific field 30–40 years ago. While foundational principles and methods remain central, recent advances have expanded the theoretical and practical frameworks. This review focuses on these developments, emphasizing fundamental ideas and trends in risk research. The field has two main tasks: (I) applying risk assessments and management to specific activities, and (II) conducting generic risk research to develop concepts, theories, and methods for understanding and managing risk. The generic research provides tools for specific applications. The review highlights recent advances in risk analysis, conceptualization, uncertainty handling, and management strategies. It emphasizes integrative thinking, which combines opposing ideas to generate new, superior solutions. For example, risk conceptualization has seen diverse definitions that create tension, but integrative thinking helps transcend these definitions to achieve deeper understanding. The risk field is closely linked to science, with risk assessments and management contributing to scientific knowledge. Science provides the basis for decision-making, but decisions also involve values. The review discusses the role of knowledge in risk decision-making, distinguishing between "know-how" and "know-that" as defined by the Society for Risk Analysis (SRA). It also addresses the challenges of translating scientific knowledge into practical applications, noting that different fields often develop tailored concepts that may not align with the broader risk field. Uncertainty is a central issue in risk assessments. Probabilistic methods are widely used, but alternative approaches like possibility theory and evidence theory are also considered. The review discusses the limitations of traditional probability-based approaches and the need for more comprehensive methods that account for uncertainty in risk descriptions. Risk management principles include risk-informed, cautionary/precautionary, and discursive strategies. The precautionary principle is a key concept, emphasizing the need for action when risks are serious and uncertain. The review also discusses robustness, highlighting the importance of designing systems that can withstand uncertainties and unexpected events. Overall, the review underscores the need for a stronger, more unified conceptual framework in the risk field to better address the complexities of risk assessment and management. It emphasizes the importance of integrating different perspectives and approaches to develop more effective and comprehensive risk management strategies.Risk assessment and risk management have evolved significantly since their establishment as a scientific field 30–40 years ago. While foundational principles and methods remain central, recent advances have expanded the theoretical and practical frameworks. This review focuses on these developments, emphasizing fundamental ideas and trends in risk research. The field has two main tasks: (I) applying risk assessments and management to specific activities, and (II) conducting generic risk research to develop concepts, theories, and methods for understanding and managing risk. The generic research provides tools for specific applications. The review highlights recent advances in risk analysis, conceptualization, uncertainty handling, and management strategies. It emphasizes integrative thinking, which combines opposing ideas to generate new, superior solutions. For example, risk conceptualization has seen diverse definitions that create tension, but integrative thinking helps transcend these definitions to achieve deeper understanding. The risk field is closely linked to science, with risk assessments and management contributing to scientific knowledge. Science provides the basis for decision-making, but decisions also involve values. The review discusses the role of knowledge in risk decision-making, distinguishing between "know-how" and "know-that" as defined by the Society for Risk Analysis (SRA). It also addresses the challenges of translating scientific knowledge into practical applications, noting that different fields often develop tailored concepts that may not align with the broader risk field. Uncertainty is a central issue in risk assessments. Probabilistic methods are widely used, but alternative approaches like possibility theory and evidence theory are also considered. The review discusses the limitations of traditional probability-based approaches and the need for more comprehensive methods that account for uncertainty in risk descriptions. Risk management principles include risk-informed, cautionary/precautionary, and discursive strategies. The precautionary principle is a key concept, emphasizing the need for action when risks are serious and uncertain. The review also discusses robustness, highlighting the importance of designing systems that can withstand uncertainties and unexpected events. Overall, the review underscores the need for a stronger, more unified conceptual framework in the risk field to better address the complexities of risk assessment and management. It emphasizes the importance of integrating different perspectives and approaches to develop more effective and comprehensive risk management strategies.