This　paper　presents　a　theoretical　framework　for　understanding　the　stability　of　strategic　alliances.　Based　on　combinations　of　different　levels　of　changes　in　the　initial　alliance　conditions　and　different　levels　of　alliances＇　adaptation　capabilities,　this　study　proposes　a　typology　of　alliance　stability:　sustaining　stability,　flexible　stability,　rigid　stability　and　transient　stability/instability.　Subsequently,　the　critical　roles　of　trust,　dependence,　and　prior　ties　in　the　stability　of　alliances　have　been　analysed　by　drawing　on　an　inter-partner　relationship　perspective.　From　this　discussion,　a　number　of　propositions　have　been　developed　to　facilitate　future　empirical　testing　of　our　conceptual　model.