The risk factors and impact of retained fetal membranes (RFM) on productive and reproductive performance of crossbred cattle, Zebu cattle, and Murrah buffalos were evaluated using data spread over 12 years. Multivariable logistic regression model was used to identify risk factors and to quantify their odds ratio (OR). Overall incidence of RFM in crossbred cattle, Zebu cattle, and Murrah buffalos were 26, 16, and 13 %, respectively; and significant risk factors for RFM in crossbred cattle were abortion (OR = 3.9), dead calf (OR = 4.1), dystocia (OR = 4.3), pluriparity (OR = 1.5), and shorter gestation length (OR = 4.3). In Zebu cattle, abortion (OR = 4.0), dead calf (OR = 3.7), dystocia (OR = 3.9), lower birth weight of calf (OR = 1.6), and shorter gestation length (OR = 6.4) were significant risk factors for RFM. In Murrah buffalos, abortion (OR = 19.2), dead calf (OR = 4.4), dystocia (OR = 4.7), pluriparity (OR = 1.7), shorter gestation length (OR = 12.7), and calving during summer season (OR = 1.8) were the risk factors for RFM. Although the occurrence of RFM did not affect fertility parameters, a significant (P < 0.05) decrease in 305-day milk yield and total milk yield was observed in RFM-affected crossbred cattle. Taken together, it may be concluded that increased parity, abnormal calving, and short gestation length were the main risk factors for RFM in dairy bovine.