The end of the cold war resulted in the emergence of the new threats and the sources of instability in the Middle Eastern region. Turkey and Israel, in this context, needed to reassess theii' security envii'onment, in which, they, relatively enjoyed the “cold war stability” until December 1991, the collapse of the bipolar system. This need, beginning from the mid-1990s transformed itself to a new strategic partnership between the two countries that was built on the bases of commonly perceived threats, military and economic cooperations. This master thesis strives to explain this strategic partnership with its grounds. The effect of this new partnership upon the regional states is also examined. It is also concluded that the strategic partnership is bound to have certain ramifications such as changes in the strategic calculations of the regional states and counter alignments.