The gradient flow of a Morse function on a smooth closed manifold generates, under suitable transversality assumptions, the Morse–Smale–Witten complex. The associated Morse homology is an invariant for the manifold, and equals the singular homology, which yields the classical Morse relations. In this paper we define Morse–Conley–Floer homology, which is an analogous homology theory for isolated invariant sets of smooth, not necessarily gradient-like, flows. We prove invariance properties of the Morse–Conley–Floer homology, and show how it gives rise to the Morse–Conley relations.