This article reviews the literature focusing on the relationship between perceived threat to life and risk-taking behaviors. The review of empirical data, garnered from field studies and controlled experiments, suggests that personal threat to life results in elevated risk-taking behavior. To account for these findings, this review proposes a number of theoretical explanations. These frameworks are grounded in divergent conceptual models: coping with stress, emotion regulation, replenishing of lost resources through self-enhancement, modifications of key parameters of cognitive processing of risky outcomes, and neurocognitive mechanisms. The review concludes with a number of methodological considerations, as well as directions for future work in this promising area of research.