Summary Motivation The European Union (EU) has securitized its development policy with migration conditionalities, resulting in the subordination of development objectives to the externalization of migration control. This has called into question the legitimacy and effectiveness of EU development policy while failing to provide a solution that prevents future refugee crises. How can these trends be reversed? Purpose This article examines the feasibility and implications of peacebuilding conditionalities as an alternative to migration conditionalities with the aim of addressing the root causes of refugee crises, ensuring the effectiveness of EU development policy, and preserving its legitimacy. Methods and approach The article outlines a theoretical framework to categorize development policy conditionalities and better understand their strengths and weaknesses. This is followed by an analysis of the EU’s financial, legal, and electoral framework in order to evaluate peacebuilding conditionalities as an alternative policy option. Findings Peacebuilding conditionalities limit the ability of donor countries to influence migration behaviour while promoting capacity development by ensuring stability in migrants’ countries of origin. Replacing migration conditionalities with peacebuilding conditionalities is a feasible policy option in the current EU framework that can help prevent future refugee crises while encouraging synergy between Member States in development co‐operation—a promising policy area for European integration. Policy implications Peacebuilding conditionalities for development co‐operation would constitute a legitimate, effective, and integrating alternative to migration conditionalities at a time of crisis for the European project. With the prospect of a ceasefire in Libya, this would be especially suitable for a post‐conflict scenario.