It is argued that there are no permanent friends or foes in the realm of international relations, only interests are primary and supreme. Every nation-state in the world adheres to this rule and Pakistan is no different. Given the roller-coaster nature of Pak-US relations, the former’s foreign policy orientation has always remained buoyant with and peripheral to that of the latter. However, with the world shifting from unipolarity to multi-polarity, Pakistan needs to modify its foreign policy orientation according to the changing international and regional circumstances. Significant global player such as Russia has emerged, who has a revisionist stance towards the contemporary state of affairs. Recently, Russia has managed to reassert its significance globally as well as regionally. It is also rethinking its policy towards South Asia. Therefore, being a strategically important country in this region, it becomes imperative for Pakistan to forget the Cold War baggage and look towards a different relationship with the regional power based on cooperation and mutual trust while maintaining stability in its bilateral relations with the US. This research aims to surmise the bilateral relationships of Pakistan with both, the US and Russia, the recent emerging trends in these relationships and what options does Pakistan have for balanced and stable relations with Russia and the US to achieve and secure its foreign policy objectives.