Although the meaning and usefulness of Erving Goffman’s work are still being debated today, few would doubt the importance of his contributions to the sociological study of the self, emotions, deviance, and social interaction. Less well known to most contemporary sociologists is his effort to provide a sociological account of voluntary risk taking—participation in gambling, high-risk sports, dangerous occupations, certain forms of criminal behavior, and the like—activities he classified as ‘action’. While Goffman’s study of action anticipated the expansion of volitional risk taking in Western societies in recent decades, most contemporary research on this trend has been guided by a different concept—the notion of ‘edgework’. Contrasting the action and edgework approaches along three key parameters—fateful action versus corporeal edges, embodied semiotics versus embodied experience, and dramaturgical reflexivity versus hermeneutic reflexivity—reveals how the action and edgework concepts capture conflicting motivations for voluntary risk taking. Finally, this article considers how Goffman’s action framework can be reoriented to contemporary social conditions and integrated with the edgework perspective to yield a multidimensional theory of risk agency in late modern society.