ABSTRACTThe occurrence and outcomes of the Cod Wars defy both popular and academic expectations. Iceland, a microstate, essentially won four disputes against the UK, a great power. The two states furthermore belonged to a Western security community, sharing significant institutional, economic and cultural ties. This article reviews the history and international relations literature on the Cod Wars to explain and evaluate why the Cod Wars occurred and why Iceland won them. This article also explains what lessons international relations scholarship has learned from the Cod Wars for liberal international relations theory, realism and asymmetric bargaining.