The present study evaluates differences in risk perception related to marijuana use as a function of past use and, among those who report marijuana use, as a function of frequency of use and having experienced a consequence in the past. Participants were 725 incoming first year college students in a longitudinal study examining the efficacy of a marijuana prevention program. Analyses of cross-sectional data indicated that risk perception was greater among non-users of marijuana than for those who reported marijuana use (and, in turn, who were more likely to have actually experienced a drug-related consequence). Among marijuana users, risk perception was not influenced by the frequency of marijuana use nor was it influenced by the actual experience of a drug-related consequence. The findings suggest that for abstainers, perceived risk and the potential consequences of marijuana use may serve a protective role against the initiation of marijuana use. For those who use marijuana, intervention efforts utilizing motivation enhancement approaches could explore the discrepancy between perceived risks and actual experienced consequences.