Antagonistic selection-where alleles at a locus have opposing effects on male and female fitness ("sexual antagonism") or between components of fitness ("antagonistic pleiotropy")-might play an important role in maintaining population genetic variation and in driving phylogenetic and genomic patterns of sexual dimorphism and life-history evolution. While prior theory has thoroughly characterized the conditions necessary for antagonistic balancing selection to operate, we currently know little about the evolutionary interactions between antagonistic selection, recurrent mutation, and genetic drift, which should collectively shape empirical patterns of genetic variation. To fill this void, we developed and analyzed a series of population genetic models that simultaneously incorporate these processes. Our models identify two general properties of antagonistically selected loci. First, antagonistic selection inflates heterozygosity and fitness variance across a broad parameter range-a result that applies to alleles maintained by balancing selection and by recurrent mutation. Second, effective population size and genetic drift profoundly affect the statistical frequency distributions of antagonistically selected alleles. The "efficacy" of antagonistic selection (i.e., its tendency to dominate over genetic drift) is extremely weak relative to classical models, such as directional selection and overdominance. Alleles meeting traditional criteria for strong selection (N e s .. 1, where N e is the effective population size, and s is a selection coefficient for a given sex or fitness component) may nevertheless evolve as if neutral. The effects of mutation and demography may generate population differences in overall levels of antagonistic fitness variation, as well as molecular population genetic signatures of balancing selection. P LEIOTROPY may impose widespread evolutionary genetic constraints against adaptation (Fisher 1958, Orr 1998, Otto 2004. Allocation tradeoffs between fitness components, coupled with a shared genetic basis between them, may limit evolutionary opportunities to simultaneously maximize individual components of fitness (Houle 1991). Conflicting selection may emerge at underlying loci, so that alleles improving one fitness component reduce othersa scenario referred to as "antagonistic pleiotropy" (Rose 1982;Curtsinger et al. 1994). A similar scenario arises when patterns of selection differ between males and females. Opposing, sex-specific selection, or "sexual antagonism," arises when mutations favorable within one sex are costly when expressed in the other Bonduriansky and Chenoweth 2009;van Doorn 2009).Antagonistic selection may play an important role in maintaining genetic variation related to fitness and driving patterns of genome evolution. Direct estimates of sex-and context-specific selection on quantitative traits confirm that pleiotropic and sexually antagonistic fitness tradeoffs are ubiquitous (Curtsinger et al. 1994;Roff 1996;Delph 2007;Cox and Calsbeek 2009;Poissant and Coltma...