This edited volume presents a comprehensive exploration of Mongolia’s political transformation, foreign policy, and governance in the 21st century, capturing the country’s remarkable journey from a socialist regime to a vibrant democracy. While analysing the evolution of Mongolia’s political institutions, governance structures, and international strategies, it not only highlights institutional reforms, political pluralism, and governance challenges, but also examines the country’s strategic positioning between Russia and China and its “Third Neighbour” policy that helps strengthen Mongolia’s diplomatic balancing act in maintaining sovereignty, attracting investment, and managing regional pressures in an increasingly multipolar world. The book also focuses on economic management, resource dependency, environmental sustainability, and climate risks. By combining historical depth with contemporary analysis, this book provides an insightful case study of how small, resource-rich democracies sustain political resilience and strategic autonomy amid global transformations. It serves as an essential resource for scholars, policymakers, and readers interested in governance, comparative politics, foreign policy, and the evolving dynamics of Asian democracies in a geopolitically charged environment.