This article examines Islamism in its historical trajectory as well as its current standing and likely evolution. After pointing out to the problems stemming from the lack of an agreed-upon definition, the article presents a definition that constitutes the basis of analysis. It identifies three generations of Islamists and evaluates them by using three criteria: the framework of reference, political theme-tendency, and leadership profile. The article presents a self-criticism of the second generation Islamists, of which the author is also a member, and identifies areas in which the third generation Islamists have faced a serious test. The paper then turns to discuss the experience of the AK Party in Turkey, focusing on the debate on whether it is an Islamist movement. Next, the article seeks to drive an analytical distinction between Islamism and theology, before concluding the analysis with a critical engagement of an ongoing debate on whether Islamism is dead.