The purpose of this paper is to make a critical examination of U. Becks' theory of “risk society” from the standpoint of the governmentality approach, proposed by M. Foucault, and developed by others. The exploration of complex dynamic transformations in contemporary societies is one of the most important issues in sociology. Becks' discussion of a “risk society” makes a major contribution to this subject in terms of the emergency of global risks and the process of individualization. However, the presuppositions of his theory prevent him from fully grasping diversity and heterogeneity of this transformation. The governmentality approach provides an alternative perspective on this question.