With billions of dollars spent on software every year, the software industry is one of the most significant industrial industries in the world. Consequently, risk management is often disregarded while being acknowledged as a crucial component in decision-making and effectively overseeing software development and design. As software engineers work to lessen the negative impacts of different risks, risk management is a crucial activity. Given that risk management is a crucial component of software development, ignoring it might seriously affect the project by resulting in issues like data corruption or security. It’s crucial to be aware of these potential risks to ensure the success of the project. On the other hand, paying attention to risk management will undoubtedly help the project succeed and provide beneficial outcomes. Identifying dangers, their kinds, coping mechanisms and attempts to manage them are the goals of this study work. An overview of earlier research in the area of software development risk management is provided. The method of risk management in software development was explained.