Although shale energy development can bring infusions of money and jobs to local communities, an array of risks to community-level assets and institutions is also possible. Sociological research dating back to the 1970s links rapid oil and gas development with overburdened municipal services, upended social and cultural patterns, and volatile economic growth. Research on technological risk has demonstrated communities can come to be associated with pollution and contamination, resulting in out-migration, declining amenity-led development, and decreased financial investment. Emerging shale energy case studies in Wyoming, Pennsylvania, North Dakota, and Texas show a similar, although nuanced, picture of these concerns. Yet, little data exists on the prevalence or magnitude of these risks in the current context of shale gas development. The existing research has largely remained case-based in nature, has not been synthesized across various disciplines, and has not been updated to account for various social and technological trends that have occurred since its publication. This paper offers a critical review of major research endeavors that inform our knowledge of risk to communities from shale energy development, while identifying gaps in our understanding of these risks and areas of research need.