The paper reviews past progress in the development of methods and models for process safety and risk management and highlights the present research trends; also it outlines the opinions of the authors regarding the future research direction in the field. Based on the open literature published in the leading journals in the field of safety, risk and reliability, the review covers the evolution of the methods and models developed for process safety and risk management. The methods and models are categorized as qualitative, semi-quantitative, quantitative and hybrid. The progress in the last few decades is discussed in the context of the past. Developments in the current decade formulate the basis of the present trends; future directions for research in these fields are also outlined. The aim of the article is to provide a historical development in this field with respect to the driving forces behind the development. It is expected that it will help researchers and industrial practitioners to gain a better understanding of the existing concepts. At the same time the aim is to provide direction to bridge the existing gaps through research and developments. (C) 2015 The Institution of Chemical Engineers. Published by Elsevier B.V. All rights reserved.