In response to the challenges of conducting traditional human health and ecological risk assessment for nanomaterials (NM), a number of alternative frameworks have been proposed for NM risk analysis. This paper evaluates various risk analysis frameworks proposed for NM based on a number of criteria. Among other results, most frameworks were found to be flexible for multiple NM, suitable for multiple decision contexts, included life cycle perspectives and precautionary aspects, transparent and able to include qualitative and quantitative data. Nevertheless, most frameworks were primarily applicable to occupational settings with minor environmental considerations, and most have not been thoroughly tested on a wide range of NM. Care should also be taken when selecting the most appropriate risk analysis strategy for a given risk context. Given this, we recommend a multi-faceted approach to assess the environmental risks of NM as well as increased applications and testing of the proposed frameworks for different NM.