This paper seeks to view the Risk behaviour among school students and explore Personal-Social Guidance and Counselling Structure as a panacea for managing challenges of risk behaviour in schools. Risk behaviour refers to risky endeavors, meaning they are things that may put a person into really bad spot right away or in the future. Therefore the paper examines those things that may put school students into a really bad spot right away or in the future such as; drug abuse, prostitution, cultism, riots, multiple sexual partners, homosexual, lesbianism, unprotected sex and violence that expresses as destruction of public property and other social amenities in the schools and explore Personal-Social Guidance and Counselling to manage challenges of risk behaviour in schools focusing on components of Personal-Social Guidance and Counselling family orientation, cultural/environmental orientation, peer group influences as well as school guidance and counselling programme. The paper believed that Nigeria needs to do more to close the existing gaps in Personal-Social Guidance and Counselling services in order to help manage challenges of risk behaviour among school students this is by fully incorporating the roles of peer group, cultural orientation and family orientation as basis for practical application of school guidance and counselling programme. It also believed that programme of guidance and counselling in schools should be more research driven system process that operates through interrelated and interacting approaches with respective peer group and family members.