This paper proposes an alternative, yet complementary, approach. It argues that individuals’ subjective experience and perception of adventure need also to be considered for a more complete understanding. In developing this argument, the paper first reviews the current literature on the subject, especially Walle’s (1997) proposal to replace the prevalent “risk theory” as the foundation of adventure tourism a proposition that requires critical assessment. The literature review suggests that at present adventure tourism is essentially viewed as an extension of adventure/outdoor recreation; the contribution of the tourism aspect is generally ignored.