This article assesses the shifting preferences of Bhutan towards the foreign policy determinants. Three determinants (national security, political culture and economic engagement) have been studied as they play a significant role in shaping Bhutan’s policy behaviour. These determinants have been analysed with respect to India, Nepal and China, three countries that have been of critical interest to Bhutan’s foreign policy. The main argument of the paper is that when security threats are high or medium, protecting territorial integrity, sovereignty and political culture shapes Bhutan’s foreign policy and, alternatively, when security threats are low, economic opportunities determine Bhutan’s foreign policy choices.