This article explores children's perspectives on risk and protection in the context of war, exclusion, political conflict and immigration via the example of the excluded Ethiopian immigrant community in Israel. Thirty children of Ethiopian origin, aged four to six, shared their views on risk and protection with the aid of photography, drawings and group discussions. The qualitative, thematic and linguistic analyses of the children's verbal explanations showed that most children related protective factors to their macro-level, in spite of the war. In their neighborhoods (exosystem) most children described factors referring to risk, while in their home and kindergarten (microsystems), children described a mix of risk and protective factors. Most children used the third-person when referring to risk and the first person when talking about protection. The results support a call for a context-informed child-centered approach. Understanding children's experiences is crucial in creating prevention and intervention programs for marginalized groups.