Although wide-ranging amendments in health and safety regulations at the European and national level oblige employers to conduct psychosocial risk assessment, it is still under debate how psychosocial hazards can be properly evaluated. For psychosocial hazards, an epidemiological, risk-oriented understanding similar to physical hazards is still missing, why most existing approaches for hazard evaluation insufficiently conceive psychosocial risk as a combination of the probability of a hazard and the severity of its consequences (harm), as found in traditional risk matrix approaches (RMA). We aim to contribute to a methodological advancement in psychosocial risk assessment by adapting the RMA from physical onto psychosocial hazards. First, we compare and rate already existing procedures of psychosocial risk evaluation regarding their ability to reliably assess and prioritize risk. Second, we construct a theoretical framework that allows the risk matrix for assessing psychosocial risk. This is done by developing different categories of harm based on psychological theories of healthy work design and classifying hazards through statistical procedures. Taking methodological and theoretical considerations into account, we propose a 3 × 3 risk matrix that scales probability and severity for psychosocial risk assessment. Odds ratios between hazards and harm can be used to statistically assess psychosocial risks. This allows for both risk evaluation and prioritizing to further conduct risk-mitigation. Our contribution advances the RMA as a framework that allows for assessing the relation between psychosocial hazards and harm disregarding which theory of work stress is applied or which tool is used for hazard identification. By this, we also contribute to further possible developments in empirical research regarding how to assess the risk of workplace stress. The risk matrix can help to understand how psychosocial hazards can be evaluated and organizations can use the approach as a guidance to establish a suitable method for psychosocial risk evaluation.