This article first traces the origin of hybrid warfare and the label game surrounding the concept, asking whether it is merely old wine in a new bottle, and if so, whether it is still a useful concept. It is found that while being old wine in new bottles, it is still a good wine well worth drinking. While there is not much new in the concept itself, it is a useful tool to think about past wars, today’s wars and the wars of the future. Thereafter, this paper analyses how hybrid warfare and hybrid threats are to be understood in the context of peace, conflict and war. It is shown how hybrid warfare and threats fit into our traditional understanding of conflict dynamics.