Existing civil and marine structures and infrastructures have to maintain their serviceability and safety under the effects induced by "normal events" and to withstand the effects of "extreme events". Although the quantification of the performance of a structural system is usually conducted considering only structural aspects, in this study consequences arising from the occurrence of potential disruption of service due to failure/malfunction of structural components are also considered, leading to risk assessment. Uncertainties are unavoidable in planning, design, and maintenance of structural systems. Advanced probabilistic methods, such as Monte Carlo simulations based on Latin Hypercube sampling, finite element and response surfaces analyses are used in this study in order to account for uncertainties and their propagation over time. The main focus of this study is to develop a risk-based approach for the life-cycle assessment and management of civil and marine structures with emphasis on single highway bridges, groups of bridges, and ship structures. Risk is assessed for highway bridges under the effects of multiple hazards, including traffic, environmental attacks, scour, and earthquakes, whereas the effects of traffic and earthquake are accounted for groups of bridges. Other performance indicators, including reliability, redundancy, and resilience to disasters, are also investigated. For ship structures, a novel approach is developed for the evaluation of time-variant reliability, redundancy, and risk accounting for different limit states of the ship hull, potential effects induced by corrosion, and considering different ship operational conditions over time. Risk is assessed based on reliability analysis by accounting several limit states and quantifying the associated potential monetary losses for a spectrum of consequences, including operating costs and accident costs. A novel approach for near real-time multi-criteria optimal ship routing, integrating risk and structural health monitoring data is developed considering different damage scenarios and generic operational conditions. The developed approaches are applied to several structures, including a highway bridge crossing the Wisconsin River in Wausau, WI, a highway bridge carrying a segment of the northbound I-15 crossing the Temescal Wash located close to the city of Corona, CA, a group of existing bridges located north of the San Diego metropolitan area, and a NAVY's Joint High-Speed Sealift.