Based on an in-depth review of 134 peer-reviewed journal articles published between 1971 and 2018, this article presents a systematic accumulation and analysis of existing research on internationalisation and risk. The review shows that although risk has received great attention in the internationalisation literature in recent years, im- portant gaps remain in relation to the risk implications of internationalisation, the impact of risk on internationalisation strategy, and the strategies used to assess and manage risk in the internationalisation process. Our study contributes to existing knowledge by synthesising and organising existing research into an overarching integrative framework that provides a comprehensive understanding of the risk phenomenon, including the interrelations between risk and internationalisation and the sources and consequences of risk. In addition, the review contributes by identifying important gaps in the literature and suggesting directions for future research to improve our understanding of the complex interrelationship between risk and internationalisation.