Background: The students, especially medical and dental undergraduates are more involved in the self-medication practice as they are empowered with good knowledge of drugs and diseases and have greater access to medicine. Recent studies have shown a greater prevalence of self-medication among medical and dental students. Objective: The objective of this study is to study the prevalence and risk factors of self-medication practices among medical and dental undergraduate students. Methods: A cross-sectional study was carried out among 502, medical (252) and dental (250) students. A predesigned, pretested, and semistructured study questionnaire was used for the data collection of the present study. The students were contacted and they were given the self-administered questionnaire. The questionnaire was collected back once they finished it. The questionnaire did not include any identifying information of the students. All batch students were contacted. Results: Majority (35.9%) were aged 20 years. About 58.2% were females. There were 50.2% of medical and 49.8% of dental students. Almost no one agreed to have any kind of addiction; 53.8% were doing physical activity of <1 h. The prevalence of self-medication among students was 73.7%. It was 74.8% among dental students compared to 72.6% among medical students. The most common drug used for self-medication was paracetamol (30.3%). Most commonly, the drugs were used only for 1 day (33.5%). The most common condition for which the self-medication drug was used was cold (19.9%). No variable studied in the present study was found to be associated with self-medication. Conclusion: The prevalence of self-medication among medical and dental students was very high. However, the drugs used were not harmful and the frequency of use was limited. The practice of self-medication was similar in the two groups and it was not associated with any factors.