Slip and fall accidents are the leading cause of injuries for all ages, and for fatal injuries in adults over 65 years. Various factors, such as floor surface conditions and contaminants, shoe tread patterns, and gait behavior, affect the slip risk. Moreover, the friction between the shoe outsoles and the floor continuously changes as their surfaces undergo normal wear over time. However, continuous assessment of slip resistance is very challenging with conventional measurement techniques. This study addresses this challenge by introducing a novel approach that combines sensor fusion technology and machine learning techniques to create intelligent insoles designed for fall risk prediction. In addition, a state-of-the-art slip simulator, capable of mimicking the foot’s motion during a slip, was developed and utilized for the assessment of slipperiness between various shoes and floor surfaces. Data acquisition involved the collection of pressure data and three-axial accelerations using instrumented shoe insoles, complemented by friction coefficient measurements via the slip simulator. The collected dataset includes four types of shoes, three floor surfaces, and four surface conditions, including dry, wet, soapy, and oily. After preprocessing of the collected dataset, the simulator was used to train five different machine learning algorithms for slip risk classification. The trained algorithms provided promising results for slip risk prediction for different conditions, offering the potential to be employed in real-time slip risk prediction and safety enhancement.