Introduction: Breast cancer remains a global health problem with an increasing incidence. Breast carcinogenesis emerges by a multistep process via steps of hyperplasia, premalignant change, and in situ carcinoma. Women with proliferative breast disease have been observed to have an increased risk of breast cancer. Improved knowledge of breast carcinogenesis will provide insight for defining the high-risk groups, thus resulting in improved screening and management regimens. Materials and methods: The present study included 60 radical mastectomies for carcinoma of breast at RajaRajeswari Medical College and Hospital, Bengaluru, from August 2015 to July 2018. The primary tumor and peritumoral area were studied both grossly and microscopically for the different lesions and the results were analyzed. Observation and results: Of the 60 cases of breast carcinomas, the predominant type of carcinoma was infiltrating ductal carcinoma, no specific type (88%) (IDC, NOS). The lesions in peritumoral area were fibrocystic changes (62%), proliferative breast lesions (13%), and ductal carcinoma in situ (DCIS) (25%). Conclusion: Most of the peritumoral area showed fibrocystic changes which have a less absolute risk of 3%, whereas DCIS has an absolute lifetime risk of 25–30% transforming into carcinoma of breast, making those patients mandatory for follow-up and management.