Purpose: The risk behaviors of Hong Kong ethnic minority students are understudied. This exploratory qualitative study aimed to explore culturally nuanced factors for the development and prevention of risk behaviors among Pakistani and Indian students in Hong Kong. Method: Twenty-three students participated in four focus groups. All interviews were transcribed verbatim and analyzed using thematic analysis. Results: The participants reported bullying, delinquency, gambling, alcohol, cigarette, and drug uses as risk behaviors. Four themes emerged in the development and prevention of risk behaviors: (a) Parental and peer influence, (b) An unsafe community environment were perceived by the participants as essential factors for the development of risk behaviors, (c) Parental monitoring, and (d) Strong religious beliefs were believed as protective factors for the prevention of risk behaviors. Conclusion: Further research and practice may investigate and focus on the factors embedded in the Hong Kong ethnic minorities’ sociocultural contexts to prevent risk behaviors.