Studies on critical natural resources have grown in number over the last decade out of concern for resource availability and its potential impacts. Nonetheless, only a handful of studies explicitly define criticality for natural resources. Through a systematic literature review, we identified four main perspectives in the descriptions of critical natural resources: (1) economic importance is overemphasized at the expense of sociocultural and ecosystem support functions of natural resources; (2) a Western perspective dominates the research discourse; (3) apart from the field of economics, the debate lacks input from social sciences; and (4), non-renewable resources are overrepresented compared to renewables. Based on the current discourse and its apparent inclinations, we propose a new definition of criticality for natural resources aligned with risk theory. We argue for the need to balance out the perspectives described above to provide decision-makers with impartial information for the sustainable management of natural resources.