The research objective is to examine the role of firm risk-taking on the association between accounting conservatism and firm value. Accounting conservatism is a prudent principle on financial reporting where losses are recognized in a timelier manner than gains. The implementation of accounting conservatism reduces firm’s risk preference to avoid potential losses being reported immediately. Firm risk preference that is reflected on the firm risk is also predicted to have impact on firm value. Therefore, the effect of accounting conservatism on firm value through firm risk is predicted. This research takes 254 companies that are listed in Indonesia’s Stock Exchange (BEI) from 2011 to 2015. The empirical study shows that the accounting conservatism reduces firm risk-taking that in the end increases firm value. This indicates that firms with more conservative financial reporting will tend to take risks more responsibly.