This paper presents a comprehensive state-of-the-art review of the risk assessment associated with dam breaks, focusing on advancements in the field over the last decade. This study investigates the risk assessment methodologies that have been employed to evaluate the likelihood and consequences of dam failure, with a primary emphasis on four common models: Probabilistic Models, Fault Tree Analysis (FTA), Event Tree Analysis (ETA), and Failure Modes and Effects Analysis (FMEA). The review encompasses an extensive survey of over 50 recent articles, shedding light on the parameters considered in these studies, as well as the types of dams and failure modes analyzed. By synthesizing and critically examining the findings from these research endeavors, this study identifies gaps in the existing knowledge base and offers insights into future research directions in the domain of dam-break risk assessment. This review not only provides an up-to-date summary of the state of the art in the field, but also offers a valuable resource for researchers, practitioners, and policymakers engaged in dam safety, disaster management, and risk mitigation, ultimately contributing to improved strategies for safeguarding both human lives and critical infrastructure in the face of potential dam failures.