The current polarization of Turkish society largely defines how one views the Treaty of Lausanne: as a diplomatic victory or as a catastrophe. This chapter aims to provide an account of myths, misconceptions and misrepresentations of the Treaty of Lausanne from both perspectives. The Treaty usually comes under spotlight during challenging times in Turkey’s domestic politics and foreign policy. Such myths, misconceptions and misinterpretations are more likely to strike a chord with those who are convinced that the Treaty was a bad deal for the whole country with exception of the small ruling elite. For instance, a popular myth suggested until recently that the new Republican elite had made concessions from the country’s sovereign rights to explore and exploit its natural resources (including oil) for the sake of international legitimacy. They were accused of agreeing to ‘secret’ provisions that undermined the country’s economic development. Until very recently, some held firmly to the belief that after these concessions would expire in 2023, Turkey’s true potential would finally be exploited.