Sharia investment is increasingly popular in East Java, especially among Millennials and generation Z. However, investment decisions are not only influenced by financial factors, but also by risk perception, return expectations and spiritual intelligence. However, investment decisions are not only influenced by financial factors, but also by risk perception, return expectations, and spiritual intelligence. This study aims to examine the influence of risk perception, return expectations, and spiritual intelligence on sharia investment decision making in East Java. By understanding these factors, it is expected that investors, especially the younger generation, can make better investment decisions in accordance with sharia principles. This research uses a quantitative method with a descriptive approach. Data was collected through questionnaires distributed to 400 Millennial and generation Z investors in East Java who invest in sharia products. Data analysis was carried out using multiple linear regression with the help of SPSS version 25. The results of this study indicate that return expectations and spiritual intelligence have a positive and significant effect on sharia investment decisions. Meanwhile, risk perception has a positive but insignificant effect. This shows that investors focus more on potential returns and spiritual values in making investment decisions, while risk perception is not a major factor. Overall, the three variables together have a significant effect on sharia investment decisions. The conclusion of this study is that return expectation and spiritual intelligence play an important role in making sharia investment decisions, while risk perception does not have a significant influence. The theoretical implication of this study is to strengthen the theory of Planned Behavior and Behavioral Finance by including aspects of spirituality in the context of investment decision making. This study also makes a new contribution to the Islamic finance literature by emphasizing the importance of integration between rational, emotional, and spiritual factors in investment decision-making.