Adenomatoid odontogenic tumor (AOT) is a rare, odontogenic tumor frequently misdiagnosed; nonetheless, it has three well-documented clinicopathological variants and has been described as "two-thirds tumor" because of its occurrence in the maxilla in about two-third cases, predominantly in females of younger age, in association with tooth of uneruptive nature, and most frequently in canines. In the recent years, many cases of AOT have been reported in the uncommon sites such as mandible and posterior regions of maxilla with various histopathological presentations. The aim of the present review is to understand the various clinical, histopathological, and radiological features of AOT that have to be taken into consideration for arriving at accurate diagnosis of this so-called "fluctuating tumor."