This research proposes a holistic approach to flood risk assessment that combines quantitative and qualitative aspects. This approach was developed and applied in the Ayutthaya region in Thailand, which is a UNESCO World Heritage Site. First, flood risk was assessed traditionally as a product of hazard and vulnerability. Both qualitative and quantitative data were gathered from publicly available sources and through interviews, questionnaires, and focus group discussions to assess the vulnerability, using various weights for the different vulnerability dimensions. The hazard was assessed using a coupled 1D-2D flood model, and the resulting vulnerability and risk were mapped. Second, an alternative flood risk map was produced based on group mapping exercises with local residents, which captures the level of perceived risk. The traditional flood risk map was adjusted by varying the vulnerability weights to better match the perceived risk map. The analysis of these two maps revealed that two approaches to flood risk assessment can be used effectively in gaining different insights of the phenomena, and as such, they both should be used in flood risk management planning.