INTRODUCTION: Retinopathy of prematurity (ROP) is a vasoproliferative disorder that is still a leading cause of preventable childhood blindness around the world. AIM: The aim of this article is to determine the incidence and evaluate the perinatal risk factors associated with the development of retinopathy of prematurity and its progression. MATERIALS AND METHODS: Eighty-five children, in the period June 2019-January 2021, were prospectively analyzed. All children have fulfilled the screening ROP criteria in the Republic of Bulgaria: gestational age (GA) ≤32 gestational weeks (g.w.) and birth weight (BW) ≤1501 g. Children with higher GA and/ or higher BW were included if additional risk factors were detected, or based on the neonatologist's assessment. RESULTS AND DISCUSSION: Of the screened children, 21 (24.7%) showed no signs of ROP, and 64 (75.3%) developed any stage of ROP. The mean BW for the cohort was 1064.8 g (±227.2), and the mean GA was 28.1±2.2 g.w. After univariate analysis, the following risk factors were found to be significant for ROP development: low birth weight, invasive mechanical ventilation, anemia of prematurity, ≥2 hemotransfusions, and hyaline membrane disease. The above-mentioned factors were also found to be statistically significant for ROP progression, including GA. After multivariate logistic regression analysis, BW was the only independent risk factor both for ROP development and progression (OR: 3.352 (95% CI 2.803-3.902), p<0.001). CONCLUSION: Тhe incidence of ROP in the Varna region of Bulgaria is relatively high. Low BW, anemia of prematurity, and invasive mechanical ventilation are significant and independent risk factors for ROP development.