Sri Lanka holds a unique position in the middle of the Indian Ocean region at the crossroad of the world’s busiest sea lanes of communication. This chapter examines the island’s position both as an object and subject of great power competition in the contemporary international system. Drawing on small state theory and geopolitical analysis, this chapter traces Sri Lanka’s strategic interactions with great powers and regional powers, the USA, China, and India in particular, from the Cold War to the present day. The analysis demonstrates that despite its limited material capabilities, Sri Lanka has exercised strategic agency while simultaneously being constrained by great power dynamics. This chapter argues that Sri Lanka’s experience illustrates the complex realities facing small states in navigating multipolar competition, revealing both opportunities for strategic maneuvering and structural limitations imposed by asymmetric power relationships.