The examination of primary risk assessment methodologies reveals a significant expansion in recent years, particularly toward encompassing ecosystem preservation and predictive models for environmental contaminant behavior. However, alongside this progress, new challenges have surfaced, such as engineered nanoparticles, cumulative impacts, and the risks associated with emerging contaminants of concern. This research aims to uncover fresh perspectives within the realm of global environmental risk assessment concerning the stress on water resources. Based on the results, the directions for studying water pollution’s environmental risks are highlighted. Special attention is given to water multi-stressor challenges with significant impact and therefore to multi-risk assessment of aquatic ecosystem components and human health. The foundational framework for the primary phases of risk assessment was delineated, taking into account the existing body of prior research. Drawing from the current state of knowledge, the notion of evaluating cumulative ecological risks (termed multi-risk) stemming from pollutant exposure, encompassing emerging contaminants among other factors, is introduced. This encompasses the phases of contaminant migration, transformation, and accumulation within the various components of the hydrosphere, specifically in surface water bodies, groundwater, and their eventual discharge into the sea and ocean, within a unified global water system. Furthermore, alternative approaches for incorporating additional factors, such as climate change, into the overarching risk assessment framework have been pinpointed, offering novel perspectives for future research endeavors in this domain.