With the decline of the Western framing of the war on terror (WoT) in security discourse, it has become commonplace to note the ‘return’ of great power politics. But under-analysed so far have been the nuclear dimensions of this trend. This is important because we are on the cusp of a multipolar order where the ‘poles of power’ are nuclear-armed. We outline the ways in which almost 30 years of perceptions of unipolarity, and particularly the focus on ‘rogue’ and non-state (nuclear) terrorism post 9/11 on the part of Western policy practitioners, analysts, and scholars, allowed for the previous focus on the threat of nuclear war to be supplanted by a wider ‘nuclear security’ agenda. We unpack the return of nuclear threats and risk-taking in the Euro-Atlantic, the nuclear deterrence balance in the Western Pacific, and the emergence of a non-aligned nuclear great power in the Global South. While we argue that managing the dangers of the return of nuclear great power politics will require a dual approach drawing lessons from both from the Cold War ‘balance of terror’ and from an earlier era of a multipolar ‘balance of power’, many key dynamics from the WoT years remain.