They say we live in a “risk society”. Yet, what does this mean? The paper elaborates on the evolution of the notion of risk and its social role. First, it is important to distinguish risk from hazard and danger. Second, late modern society is struggling with the governance of uncertainty, rather than risk. Third, the “subjective”, non-calculable side of risk cannot be reduced to psychological mechanisms alone, as a major role is played by socio-cultural factors. Fourth, taking and allocating risks intertwines with power and its uneven distribution. Fifth, the growing relevance of innovation for the social order makes risk an ever less dominant form of governance of the future. Time haspossibly come for a different science and technology, another way of thinking and practicing our relations with the world