This chapter explores the past, present, and future of Bosnia and Herzegovina (BiH) in the context of its European path. For the last 20 years, BiH has been trying to reform its economic and political system with a view of becoming a member of the European Union (EU) one day. The country’s long journey towards the EU began within the so-called EU regional approach to the countries of Southeast Europe (SEE), continued through the Stabilization and Association Process (SAP) and, after acquiring candidate status, finally reached the opening of negotiations with the EU in March 2024. Thus, BiH became the last SEE country that opened negotiations with the EU—after 25 years from the beginning of the process together with others in the region. However, the latest improvements in BiH’s relations with the largest economic integration of the modern world are more caused by the current geopolitical situation in Europe than by the country’s actual achievements in political and economic reforms. In the future, this should not be the case—the ultimate goal of BiH should not be only a formal membership in the EU but reaching a level of economic and institutional development that enables full use of advantages the EU membership can bring. The challenges, both economic and non-economic, for BiH but the EU as well, are numerous.