This research compares various tobacco user groups’ tobacco risk perception and tobacco risk information factors; information seeking, sources, and trust in sources. Additionally, tobacco risk information factors that are associated with tobacco risk perception were identified. A nationally representative sample from the 2015 Health Information National Trends Survey (HINTS)-FDA was employed. All users (including cigarette users) rated cigarettes as the most harmful and electronic cigarettes as the least harmful tobacco product. Alternative tobacco users rated their own product (i.e., smokeless, cigar) as the second least harmful compared to other products, and their risk rating of their own product was significantly lower than that of other users. Users of multiple tobacco products reported the highest risk perception, but they were more likely to be young adults with racial/ethnic minority backgrounds ascribing more trust to information from tobacco companies. A recent search of cessation information, greater exposure to risk information from television, newspapers, and public transportation, and higher trust in healthcare providers were associated with increased tobacco risk perception. Future interventions need to address the lack of risk perception for alternative tobacco products, optimistic bias among alternative tobacco users, and tobacco user groups’ different needs and source preferences for risk information.