Abstract The nature of industrial operations in the chemical processing, petrochemicals, manufacturing, energy production, pharmaceuticals and oil and gas sectors are getting more complex, automated and interdependent leading to increased safety and operational risks. Conventional risk testing methods, which include Failure Mode and Effects Analysis (FMEA), Hazard and Operability Study (HAZOP), are extensively used to recognise and eliminate possible failures. FMEA offers a semi-quantitative, systematic method of assessing failure modes and ranking risks based on Risk Priority Numbers (RPNs), whereas HAZOP is a qualitative and team-based means to identify process deviations and process vulnerabilities. Although they are generally used, each method has its internal constraints in their application as an isolated technique. This review is systematic in its approach to studying the integrated FMEAHAZOP frameworks, which combine the merits of the two approaches to provide it with a wholesome, dependable, and actionable risk analysis. The paper speaks about historical development, methodological background, major elements, strengths, and weaknesses of FMEA and HAZOP and then conceptually covers how they have been introspectively integrated, including qualitative and quantitative analysis, risk prioritization, and mitigation planning. The synthesis of existing literature reveals the benefits, difficulties, and industry-related implementation of integrated frameworks in the review that contributes to the improvement of industrial safety, operational security, and the future study of the hybrid methodologies of risk assessment.