This forum reflects upon the current state of research on post-conflict natural resource management. It identifies two dominant perspectives on environmental peacebuilding in the literature: one focused on environmental cooperation, the other on resource risk. Both perspectives share a concern for the sustainable management of natural resources in post-conflict settings and prescribe environmental cooperation at large as a means to foster peace and stability. Yet both perspectives also feature notable differences: The cooperation perspective is driven by a faith in the potential of environmental cooperation to contribute to long-term peace through spillover effects. The resource risk perspective, however, recognizes that resource-induced instability may arise after intrastate conflict; stressing the need to mitigate instability by implementing environmental cooperation initiatives. Despite the significant contributions of both perspectives, neither has provided any cohesive theoretical understanding of environmental peacebuilding. This article suggests a timely revision of the research agenda to address this gap.