Objectives: The risk of falling increases in adults aged 65 years and older. A common barrier to take up physical activity in sedentary older adults is the fear of falls and injury. Experiences of master athletes can provide insights into management of the risk of falling. The purpose of this phenomenological study was to explore the fall-risk experience of masters athletes actively competing in sport. Methods: Masters athletes aged 55 years and older (N = 22) described their experiences in semistructured interviews. Data were analyzed through an interpretive–constructivist paradigm using inductive content analysis. Results: Five dominant themes emerged: acceptance, learning, awareness, resilience, and self-fulfillment. Participants of this study reported an acceptance of the risk they take in sport for falls and injuries in their pursuits for self-fulfillment. Discussion: Findings indicate that master athletes accept the risk for falls and injuries in sport, find ways to adapt, and continue to compete because it is self-fulfilling. Sharing their experiences might inspire other older adults to get active as a rewarding means of remaining independent.