While the methods of risk analysis are generally based on objective measurements, the subjective assessment of risk, such as risk perception, is currently considered a crucial aspect in the context of flood risk management. Risk perception is regarded as an assessment of the perceived probability of hazard and the perceived probability of the results (most often—negative consequences). The work attempts to answer the question: What determines flood risk perception? The knowledge of the factors influencing flood risk perception can solve the issue of the society’s underestimation of flood risk. This issue was considered both in terms of the impact of particular factors on flood risk perception and the interrelationship between three characteristics of flood risk perception: preparedness, worry and awareness. The results were developed based on critical analysis of the empirical research. The review shows that the way particular characteristics determine flood risk perception is not clear and many authors show the diverse conclusions from the similar research. Taking into account various research results, the following factors were distinguished: primary (which clearly influence risk perception), secondary (which influence it unclearly and require further research) and intervening (often describing the context). The organization of the results of the research on the flood risk assessment conducted herein aims to improve the understanding of the human perception of flood risk and, as a result, will lead to the decrease in flood risk by improving the communication of the issue and motivating the residents of the endangered areas to take actions that reduce the negative effects of floods.