Objective: Describe the significance adolescents and their parents attribute to risks during adolescence. Methodology: Qualitative research with a narrative type hermeneutical phenomenological approach. Seven interviews were conducted with adolescents, and 7 independent interviews with parents. Results: Risk is seen by parents and adolescents from four dimensions: Dangers, excesses, aesthetics and morality and history. Conclusion: Risk turned into a narration shows the different shades in which dangers originating from threats (external events) come in and decision-making (personal choices).