This article provides an analytical discussion on post-Cold War developments and the emerging world order in that era. In this regard, some of the main characteristics of the international system, basic trends, and new threats in international relations are addressed, in that order. It is argued that while classical inter-state wars tend to decrease in the post-Cold War era, there are many other serious threats to international peace beyond the full control of nation-states, most notably ethnic conflicts, religious militancy, terrorism, North-South conflict, and unfair economic competition. The future of the world is stressed to depend on whether major powers are able to, and willing to, work on these threats in a cooperative manner.