Notwithstanding some controversies, the development of cell culture and tissue engineering and the increasing demand for sustainable animal-based protein, has rendered cultured meat to be a potential source of nutritional protein in the future. As an absolutely novel food, the production of cultured meat involves complex advanced technologies and integration of multiple novel ingredients. Consequently, hazards and risks may be introduced inadvertently at any stage during the production of cultured meat, which must be reviewed and approved by the regulations or legislations of the corresponding jurisdictions before the product can be introduced to the market to ensure food safety and promote human health. Currently, increasing research on the safety and risk assessment of cultured meat is being reported. However, the lack of systematic and in-depth risk assessment of cultured meat remains a hurdle to be crossed before global marketization of cultured meat can materialize. This review comprehensively summarizes the possible hazards and risks that could be introduced during the production of cultured meat and proposes countermeasures accordingly. There is no one-size-fits-all approach to test different types of cultured meat products currently and effective risk and safety assessment strategies should be adopted contextually. Additionally, the regulatory framework for cultured meat in different regions may evolve differently but should be harmonized eventually to fuel the development of safe and nutritious cultured meat products globally.