Aim This study builds upon the environmental risk analysis presented in the 2022 National Report on Medicines Use in Italy by the Italian Medicines Agency and aims to assess the environmental risk posed by medicines in Italy and in its regions. Methods The analysis selected 90 medicines based on three criteria: high utilization, low PNEC, and inclusion or candidacy for the European Watch List. For each medicine, the environmental risk was computed as the ratio between the Predicted Environmental Concentration (PEC) and the Predicted No Effect Concentration (PNEC). PEC was derived following the approach of the Swedish Association of Pharmaceutical Industries and Italian drug utilization data. The risk was classified high if the ratio was greater than 10, and moderate if greater than 1. Results Overall, 13 medicines were identified as posing a high risk, including cardiovascular agents, antibiotics, analgesics, antidepressants, and antiparasitic agents. The high risk was driven by either a very low PNEC (e.g., estradiol and lacidipine), and high utilization (e.g., amoxicillin, ibuprofen, and diclofenac). Regional analysis showed higher risk due to high consumption for azithromycin and ofloxacin in Central and Southern Italy, and for levonorgestrel in Northern Italy. Conclusion This study points to the need of prioritizing targeted sampling in surface waters for medicines estimated at high risk. To prevent and mitigate the risk, a more conscious clinical practice coupled with appropriate waste management are required.