<p>Large and mid-size industries have more complex operations which involve different types of risk and are difficult to identify the risk. In this paper, the studies, which apply ANN and MCDM methods in carrying out the risk assessment of power systems, have been reviewed so as to show the necessity and contribution of both methods. Academia, Google scholar, Web of Science, and Science Direct were the database collection searched. 103 articles that fall within the scope of the topic were selected for further analysis after a careful content analysis of an exhaustive literature search within the period of 1990 to 2024. The selected literature was analyzed using tables and figures. Each classification which has been obtained according to document type, the method applied, application area, year of publication, journal of publication, and continent of application is presented to show recent developments of power systems risk analysis and decision-making problems. In addition, this paper, to the authors’ knowledge, is the first review of the literature in the area of risk analysis of power systems from the perspective of the application of ANN and MCDM methods. This study contributes to the existing literature in the power systems domain by providing a state-of-the-art review of existing ANN and MCDM Techniques to enhance traditional approach such as; Fault Tree Analysis, FMEA and HAZOP for risk assessment.</p>