The relationship between Iran, Turkey and the South Caucasus states have been influenced by an array of geopolitical, strategic, cultural, and economic factors. The competition between Iran and Turkey and their roles in the South Caucasus are best defined by traditional balance-of-power relations and the broader context of the post-Soviet era. This chapter unpacks the complex dynamics of pipeline politics in the South Caucasus region by underlying the need to understand the “Great Power Game” involving geostrategic and geo-economic interests of local governments, regional actors, global powers, and international oil companies. The larger focus turns on underscoring the importance of the region’s large oil and gas reserves; its land connection between the Caspian Sea, South Caucasus, and Europe; and its long-standing territorial conflicts in the post-Soviet era. Iran and Turkey have fought for influence in the South Caucasus while maintaining relatively good bilateral relationships in the region.