Contrary to optimistic assessments on the stabilising impact of the US troop deployment in Central Asia, the long‐term prospects for regional stability are far from certain. The American entry into Central Asia has complicated the geostrategic dynamics of the region and engaged the three great powers and regional players in intense rivalry for influence and leverage. If there was ever a ‘Great Game’ at play in the post‐Soviet era, it is now. The convergence of the great powers on Central Asia was justified in terms of anti‐terrorism. The toppling of the Taliban in Afghanistan may have secured its northern neighbours from an imminent threat, but the direct involvement of US forces in Central Asia is not likely to contribute to regional stability in the long run.