Data on risk perception, sexual victimization, and substance use were obtained via surveys from 496 female college students to determine what factors influence risk perception using a written vignette in which participants make a hypothetical decision to leave a potentially risky situation. Experiences of substance-related (SR) victimization, rather than forcible victimization, were associated with significantly delayed risk perception. SR victimization victims reported feeling uncomfortable significantly later and leaving the scenario significantly later than non-victims. SR victimization victims also had significantly higher scores on heavy episodic drinking (HED), marijuana use, alcohol-related tolerance, and blackouts. Both substance use (HED and marijuana use) and alcohol-related problems (tolerance and blackouts) mediated the link between SR victimization and risk perception in the form of behavioral leave response. In contrast, only HED and tolerance mediated the link between SR victimization and risk recognition. Findings suggest the importance of differentiating types of victimization in predicting risk perception and of addressing substance use in sexual victimization risk reduction interventions.