Urban areas, with their dense populations and complex infrastructures, are increasingly susceptible to various risks, including environmental challenges and infrastructural strain. This paper delves into the transformative potential of digital twins—virtual replicas of physical entities—for mitigating these risks. It specifically explores the role of digital twins in reducing disaster risks, such as those posed by earthquakes and floods, through a comprehensive bibliometric-based literature review. Digital twins could contribute to risk reduction by combining data analytics, simulation, and predictive modeling by creating virtual replicas of physical entities and integrating real-time data streams to better address and manage risks in urban environments. In detail, they can help city planners and decision-makers analyze complex urban systems, simulate potential scenarios, and predict potential outcomes. This proactive approach allows both the identification of vulnerabilities and better implementation of targeted mitigation strategies to enhance urban resilience and sustainability. More informed decisions can be made relying on simulations, and it can also be possible to optimize resource allocation and better respond to emerging challenges. This work reviews the key publications in this domain, with the aim of finding relevant papers that can be useful to urban planners and policy-makers. The paper concludes by discussing the broader implications of these findings and identifying challenges in the widespread adoption of digital twin technology, including data privacy concerns and the need for interdisciplinary collaboration. It also outlines prospective avenues for future research in this emerging field.