September 2024 marked the 20th anniversary of the commencement of operations of the Antarctic Treaty Secretariat. Despite the importance of this institutional milestone, it went largely unnoticed and sparked little critical reflection in Antarctic governance circles. This article seeks to fill that gap by assessing the Secretariat’s role, performance, and evolution within the Antarctic Treaty System as a whole. The article explores the Secretariat’s contributions to continuity, coordination, transparency, and institutional memory. It also examines the constraints the Secretariat faces due to its lack of international legal capacity, limited mandate and budget, and the political dynamics among the Consultative Parties. Finally, the article offers reflections on the Secretariat’s future role in a changing geopolitical and environmental landscape, arguing that strengthening its functions may be essential to ensuring the continued order and stability of the Antarctic region.