The aim of this exploratory study is to provide empirical insight into how the mussel farmers perceive and manage risks. The results show that future price and demand of mussel are the high ranked perceived risk. Bad weather, oxygen depletion, harmful algal blooms, E-coli, change in governmental regulation and public view towards mussel culture are also considered important risk factors in mussel farming. On the other hand, produced at lowest possible cost, cooperative marketing, good relation with government, prioritize liquidity, adopt new technology and experience sharing are perceived most important risk management strategies. When developing and changing policies for farmers’ reliability and for the long-term sustainability of mussel aquaculture, policy-makers should consider those risks and risk management strategies which have been emphasized by the farmers.