Environmental Impact Assessment (EIA) and Environmental Risk Assessment (ERA) are both essential tools used to evaluate and manage the effects of human activities on the environment. EIA focuses on the potential positive or negative impacts a proposed project may have on the environment, encompassing natural, social, and economic aspects. It involves identifying, predicting, evaluating, and mitigating these impacts before decisions are made. EIA is commonly used for specific projects, whereas Strategic Environmental Assessment (SEA) is applied to policies and programs. On the other hand, ERA assesses the likelihood and severity of environmental harm caused by business activities or operations, considering potential risks to both human health and ecological systems. This includes analyzing the potential hazards and impacts before implementing measures to reduce associated risks. Although EIA tends to be broader and more project-specific, ERA involves a more detailed, quantitative analysis of risks, particularly with respect to regulatory concerns. The paper discusses the key concepts, steps, and significance of both EIA and ERA, highlighting their differences and similarities. Case histories of both assessments are also presented, illustrating their practical applications and impact on environmental decision-making. By exploring the methods and importance of both assessments, the paper emphasizes the role these tools play in ensuring sustainable development and mitigating environmental harm. Keywords: Environmental Impact Assessment, Environmental Risk Assessment, Risk Management,