This chapter analyzes the evolution of New Caledonia in the great power competition of the twenty-first century, describing it sometimes as an active subject and sometimes as an object of covetousness, particularly in light of its vast mineral wealth (nickel, cobalt) and its strategic geographical position. Its enduring ties with France position it as a key outpost in the Indo-Pacific, in parallel with its growing regional integration in the Pacific since the Nouméa Accord (1998). This contribution proposes to retrace its geopolitical history, from sovereignty claims to the competition for nickel, including recent political events such as the May 2024 riots and the Bougival Accord (July 2025). The latter—still fragile at the time of writing—grants New Caledonia competence over international relations, marking a turning point by redefining its role in regional and global diplomacy despite the constraints of collaboration with France.