This article seeks to develop a concept of ‘security governance’ in the context of post-Cold War Europe. The validity of a governance approach lies in its ability to locate some of the distinctive ways in which European security has been coordinated, managed and regulated. Based on an examination of the way governance is utilised in other political fields of political analysis, the article identifies the concept of security governance as involving the coordinated management and regulation of issues by multiple and separate authorities, the interventions of both public and private actors (depending upon the issue), formal and informal arrangements, in turn structured by discourse and norms, and purposefully directed toward particular policy outcomes. Three issues are examined to demonstrate the utility of the concept of security governance for understanding security in post-Cold War Europe: the transformation of NATO, the Europeanisation of security accomplished through EU-led initiatives and, finally, the resultant dynamic relationship between forms of exclusion and inclusion in governance.