Phantom pain is defined as a painful sensation felt in the amputated part of the limb, and the said condition is difficult to control and can lead to significant disability and reduced quality of life. According to the current literature, the prevalence of phantom pain ranges from 29% to 85.6%, but the exact prevalence is difficult to estimate due to the different methodologies used in the studies. The pathophysiology of phantom pain involves many complex neurological mechanisms, and certain factors can significantly influence the perception of pain after amputation and increase the risk of developing phantom pain. By searching the PubMed database and applying the desired filters, a total of 15 publications were found in which the influence of certain risk factors on the development of phantom pain was examined, and they were included in this review. According to the results of the included studies, the prevalence of phantom pain is significantly higher in patients with lower limb amputations and amputations at the proximal level. Comparing the prevalence of phantom pain regarding the indication for the amputation itself, diabetes mellitus was singled out as a significant predictor of the development of phantom pain in patients undergoing amputation due to complications of the disease. Also, patients who experience preoperative/postoperative pain have a higher risk of developing phantom pain. Psychological factors such as anxiety and depression contribute significantly to the prevalence and severity of phantom pain. A comprehensive understanding of the interplay between these physiological and psychological factors is essential for the management of phantom pain, emphasizing the need for a multidisciplinary approach.