Background: During clinical training, medical students may have close contact with COVID-19-infected patients. Lack of proper knowledge about COVID-19 dynamics and prevention makes them more liable to infection. Objective: To evaluate the level of awareness, precautionary behavior, and risk perception regarding COVID-19 and identify the factors motivating and hindering medical students to take preventive measures. Methods: A cross-sectional research study was conducted using an online questionnaire of medical students at Ain Shams University, Cairo, Egypt between June 1 and June 30, 2020. The questionnaire design was based on a literature review mainly on the domains of the standard risk perception questionnaire. Results: A total of 351 medical students (mean age of 21 ± 2 years) completed the questionnaire. Over 94% had a high level of knowledge, 96.9% scored at high level of practicing precautionary behavior, and 86.1% had a high level of risk perception. Precautionary behavior practices had significant negative correlation with the knowledge scores associated with COVID-19 and a significant positive correlation with risk perception score. There was a significant association between the precautionary behavior performance and risk perception levels (odds ratio = 4.14). Conclusion: Most medical students showed a high degree of COVID-19-related awareness, precautionary behavior, and perception of risk. Recommendations: There were students who did not practice or that showed a low risk perception as well as reported hindering factors for not practicing precautionary behaviors. Therefore, intensification of health education sessions to support adherence to precautionary measures is still required.