Since its inception in the 1960s, risk assessment of environmental contaminants has evolved and expanded enormously. The present article reviews its origins, gives an overview of the current state of the art, and provides a future perspective by identifying critical knowledge gaps. Many of the risk assessment principles that were introduced between the 1960s and 1980s are still being applied today, and many contamination problems have been solved or reduced. However, new issues have arisen which pose a challenge to the field of risk assessment, e.g. engineered nanoparticles and cumulative exposures. New risk assessment techniques and approaches are required to address these issues, e.g. appropriate dose metrics for exposure to nanoparticles, tools to predict interaction effects in mixtures, and individual-based models that can predict cumulative exposures.