This article examines whether the concept of a security dilemma is useful in understanding the trajectory of India-China relations over the past seven decades. It considers several phases through which this relationship has passed and it argues that the security dilemma has never been at work. The relationship is characterized not by a security dilemma but by fundamental conflicts of interests. These have been exacerbated or ameliorated by changes in domestic politics and the wider strategic context. Going forward, too, these factors are likely to influence relationship. © 2018 Taylor & Francis Group, LLC.