It is not rare that states go into deep disagreements over titles to islands and islets. There are various past and present examples of prominent disputes concerning the status of islands between two or more states. The Lausanne Peace Treaty dealt with the status of islands of the Aegean Sea in terms of both title and demilitarization depending also on the predating regulations. One could easily assume that the issue of the Aegean islands should have become a matter of past between Greece and Turkiye. But it has not. The conflicting perceptions of two countries over the interpretation and application of the relevant Lausanne provisions have created another dispute. Here the aim is to identify what are the perceptions of both countries concerning the Lausanne provisions over both title and demilitarization of the Aegean islands. The aim of this study is not to analyse the relevant arguments of Greece and Turkey against the legal parameters. It is rather to put forward their related augments and analyse them to clarify their real essence.