As glaciers recede in response to global climate change, a significant growth of glacial lakes is being witnessed in the Himalayan region. Owing to their high elevations, rapid growth and mostly unstable dams constituting of loosely consolidated glacial moraine deposits, these lakes pose a significant threat in the form of Glacial Lake Outburst Floods (GLOFs). This study focused on studying the evolution of glacial lakes in Shyok catchment of Upper Indus basin, over a period of 30 years (1992 to 2022) and assessing their GLOF hazard levels. The Inventorization and Spatio-temporal change detection of the glacial lakes (A≥0.001 km2) was done using multi-temporal medium and high-resolution satellite imagery from the years 1992, 2002, 2012 and 2022. Besides, we have used Google Earth and Planet imagery, to validate the glacier and glacial lakes outlines. The GLOF hazard level assessment was carried out through a multi-criteria approach using Analytical Hierarchy Process AHP to classify the lakes into very-low, low, medium, high and very-high hazard categories. The results reveal a significant increase in the total number of glacial lakes from 143 in 1992 to 240 in 2022 as well as the total glacial lake area that increased from 8.45 km2 (± 0.02 km2) in 1992 to 13.26 km2 (± 0.04 km2) in 2022. Furthermore, out of 63 glacial lakes (A>0.05 km2) selected for the hazard assessment, 7 lakes were identified as very-high hazard lakes with GLOF susceptibility indices greater than 7.0 while 19 more lakes were classified as High-hazard lakes with GLOF susceptibilities in the range of 0.6 to 0.7. Most of these lakes are proglacial lakes and are close to their mother glaciers. The majority of these hazardous lakes have witnessed a high growth rate, which suggests that the GLOF hazard of these lakes is going to increase further in the future owing to the warming climatic trends. This study will act as a precursor to a more detailed and in-depth GLOF risk assessment of highly hazardous glacial lakes in the region and will help in developing mitigation strategies for any potential disasters in future.