Air pollution is a major issue for human health with more than 7 million premature deaths per year due to indoor and outdoor air pollution. Exposure to particulate matter is correlated with adverse health effects in the short and long run. Evaluating the health risk from exposure to particulate matter is challenging because particulate matter contains many contaminants and observed diseases result from multiple causes. Here we review advanced methods for the evaluation of cancer and non-cancer risks induced by exposure to contaminants in particulate matter. Contaminants include polycyclic aromatic hydrocarbons, phthalates, dioxins, furans, dioxin-like polychlorobiphenyls, and major and trace elements. We discuss risk assessment by ingestion, inhalation, and dermal contact, and for population age categories. We observe that the highest contributions to cancer risk come from benzo[a]pyrene, indeno[1,2,3-c,d]pyrene, benzo[k]fluoranthene, dibenz[a,h]anthracene, chromium, arsenic, cadmium, and cobalt.