As the whole territory of Armenia is situated in a high seismic active zone, the constant monitoring for its artificial water reservoirs and dams, and the assessment of their risk values, seismic assessment of dam stability is very real and important today. The earthquakes and floods that often take place here may cause dams to be destroyed, with subsequent great damage for the population and the environment. Data have been collected and analysed on the current conditions of reservoirs and dams and showed the main factors that determine the risk levels. The investigations, performed for the two most dangerous homeland large dams, were based on the main principles of total risk analysis for dams as presented in the recommendations of the International Committee of Large Dams (ICOLD [1–3]).