© 2017, Springer International Publishing Switzerland. A quantitative microbial risk assessment method can be used to evaluate infections probabilities for microorganisms in a specific place. The methodology provides suitable information to generate strategies focusing on health problems. Giardia cysts (GC) and Cryptosporidium oocysts (CO) are considered emerging pathogens that can infect human and animals by ingesting contaminated food or water, where food and water are transport vehicles for these parasites. Studies for GC and CO have reported occurrences for these parasites in water up to 100%, and some of these studies documented a number of cases, about 403,000 people, infected worldwide. This review is focused on compiling the most relevant works assessing the risk for GC and CO and their presence in different water samples that are susceptible for direct and indirect human consumption. The annual risk infection probability for these parasites has been reported from different water sources, with a range between 1 × 10−6 and 1, while the world standard regulation is 1 × 10−4. The infection probability depends not only on water quality but also on water treatment implementations.