Environmental Risk Assessment (ERA) is a decision-making tool that enables affirmative actions, which lead to a safer environment, optimization of manufacturing processes, reduced business risks, and enhanced profitability. It makes an organization proactive and go beyond the paradigm of compliance to enable sustainability. A wide range of techniques are available in the literature, which can be employed in ERA. In this paper, a review of nine major techniques is presented. These techniques are Leopold matrix, Hazard and Operability study (HAZOP), Knowledgebased HAZOP, Fault Tree Analysis (FTA), Event Tree Analysis (ETA), Process mapping, Failure Mode and Effect Analysis (FMEA), What-if analysis, and Checklists. An outline of the origin, history, evolution, applications, and limitations of these techniques is provided. These techniques help in anticipating environmental hazards and implementing an effective environmental management plan.