In India, we have Impact Assessment/Environmental Impact Assessment (EIA) and Risk Assessment (RA) as two frameworks. These two frameworks provided scientific assessment procedures in the field of environment and safety separately. After Bhopal Gas Disaster in 1984 in India, a new approach emerged toward the Assessment which is the combination of EIA and RA as ERA (Environmental Risk Assessment). An ERA is also termed Ecological Risk Assessment. This is a scientific framework for the environmental Risks Assessment to take care of the Environment and Safety Aspects of the Industry, People, and surrounding. This paper introduces the concepts, development history, recent research methods, recent standards and results as well as their applications.