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Predation has long been implicated as a major selective force in the evolution of several morphological and behavioral characteristics of animals. The importance of predation during evolutionary time is clear, but growing evidence suggests that animals also have the ability to assess and behaviorally influence their risk of being preyed upon in ecological time (i.e., during their lifetime). We develop an abstraction of the predation process in which several components of predation risk are identified. A review of the literature indicates that an animal's ability to assess and behaviorally control one or more of these components strongly influences decision making in feeding animals, as well as in animals deciding when and how to escape predators, when and how to be social, or even, for fishes, when and how to breathe air. This review also reveals that such decision making reflects apparent trade-offs between the risk of predation and the benefits to be gained from engaging in a given activity. Despite this body of evidence, several areas in the study of animal behavior have received little or no attention from a predation perspective. We identify several such areas, the most important of which is that dealing with animal reproduction. Much work also remains regarding the precise nature of the risk of predation and how it is actually perceived by animals, and the extent to which they can behaviorally control their risk of predation. Mathematical models will likely play a major role in future work, and we suggest that modelers strive to consider the potential complexity in behavioral responses to predation risk. Overall, since virtually every animal is potential prey for others, research that seriously considers the influence of predation risk will provide significant insight into the nature of animal behavior.