Many studies have demonstrated that the design of structures in a region through the uniform hazard principle does not guarantee a uniform collapse risk. Even in regions with similar Peak Ground Accelerations (PGAs) corresponding to the same mean return period, the seismic risk in terms of collapse probability will be significantly different mainly due to the shape of the hazard curves as well as uncertainties in structural capacities. In this paper, risk-targeted hazard mapping is being explored in peninsular Spain using a recently updated seismic hazard map. Since risk targeting involves multiple input parameters such as the model parameters of fragility curves, their variability was considered through their probability distribution as observed in reinforced concrete (RC) moment frame buildings, representing the most common building typology in Spain. The influence of the variation of these parameters on the risk results were investigated, and different assumptions for estimating the model parameters of fragility curves are illustrated. These assumptions were included in a fixed (generic) fragility curve or building-site-specific fragility curves. Different acceptable damage states (i.e., collapse and yielding) were considered concerning Spain’s seismicity level. Finally, the maps for risk-targeted design ground motions and risk coefficients are presented. It is outlined that the employment of risk-targeted analysis leads to the modifications for existing design ground motions due to the different shape of the hazard curves across Spain and considering the uncertainty of structural capacity. Moreover, it is found that using the building- and site-specific fragility curves could result in a more uniform seismic risk across the country.