This article explores how realism in political theory can inform our understanding of political corruption. Whereas political moralists see corruption as a problem of implementation, which does not undermine their values, realists see corruption as posing a more fundamental problem, challenging the very nature of politics and undermining the attempt to establish and exercise authority in the ordering of conflict and the allocation of resources. Recent realist work has sought to characterize a discrete type of “institutional” corruption, and to construct political corruption as the antithesis of good governance or impartiality. Other work has focused on the micro level, drawing on new insights from psychology and experimental economics to analyze individual decisions and motivations to behave corruptly. This article challenges scholars to build future research upon a richer understanding of the realities of political life that are intrinsic to both individual and institutional patterns of corruption.