A system and method for predicting a lung cancer risk based on a chest X-ray in which a nodule is detected in a chest of a patient based on an analysis of the chest X-ray using an image processing technique. A region of interest associated with the nodule is identified using the image processing technique. The region of interest is further analyzed using deep learning to determine a plurality of characteristics associated with the nodule. The plurality of characteristics comprises a size of the nodule, a calcification in the nodule, a homogeneity of the nodule and a spiculation of the nodule. Further, the plurality of characteristics is compared with a trained data model using deep learning. Based on the comparison, a risk score associated with the nodule is generated. Further, the lung cancer risk is predicted when the risk score exceeds a predefined threshold value.