Taiwan is a unique artefact of particular political and historical circumstances. The People’s Republic of China (PRC) has claimed it since 1949; Beijing’s stance is officially upheld by the UN, the US and most of the international community. Yet, the US guarantees Taiwan’s security, and the international system recognises its sovereign existence in China’s threat to kill it – and China’s restraint. Taiwan’s case invites a constructivist response to a realist puzzle; power forms an anarchic structure that states must respect in order to survive. Yet, in order to survive, Taiwan must neither declare independence nor unify with China. Taiwan’s US -imposed undetermined status and protection combined with the PRC’s irredentist claim forms the systemic context that led Taiwan to engage in two overlapping conversations, one cross-Strait and one domestic, that constructed a Chinese identity after 1945 and a Taiwanese one after 1971. In telling Taiwan’s story, this study demonstrates a realist constructivism that accounts for state identity and foreign policy construction at the interface of inter-state and domestic politics; that is, the PRC-ROC and the ROC-Taiwan dimensions. The result is a two-level, three-stage, three-dimensional framework of power politics and identity.