Situated over the Himalayan tectonic zone, Kathmandu Valley as a lake in geological past has a long history of destructive earthquakes. In recent years, the earthquake risk of the valley has significantly increased due mainly to uncontrolled development, poor construction practices with no earthquake safety consideration, and lack of awareness among the general public and government authorities. Implementation of land use plan and building codes, strengthening of design and construction regulations, relocation of communities in risky areas, and conduction of public awareness programs are suitable means of earthquake disaster risk management practice. Kathmandu, the capital of Nepal, is still lacking earthquake disaster risk management plans. So, this paper highlights some initiatives adopted by both governmental and nongovernmental organizations of Nepal to manage earthquake disaster risk in the Kathmandu Valley. It provides some comprehensive information on recent initiatives of earthquake disaster risk management in the valley and also highlights the outcomes and challenges.