Pakistan and Iran are two neighbouring countries with amicable ties however, the true potential of their relationship still remains untapped. This research aims to highlight the areas of convergence and divergence between Iran and Pakistan in the backdrop of the changing international environment. The US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) has left many countries, especially Pakistan, in a limbo chimeral security regarding its projects with Iran. This development reflects the significance of the US factor in Pak-Iran ties. Other important factors are the situation in Afghanistan, India’s engagement with Iran, Pak-Saudi ties and Riyadh-Tehran rivalry. Pakistan and Iran’s relations lack depth and mutual trust due to their respective alliances of the past. This research observes that Iran and Pakistan, in light of new alliances and changing regional and international politics, can revive the lost trust.