The paper traces the evolution of the European Neighbourhood Policy (ENP) since its origins until the present day. The ENP was initiated in 2003 attracting vast institutional and scholarly interest in its various aspects. The extraordinary events of the Arab Spring revolutions in the Southern neighbourhood prompted a renewed interest towards the ENP despite the internal economic turmoil faced by the European Union (EU) and its Member States. The EU institutions undertook a substantive revision of the policy in 2011 in addition to the regional split that had taken place previously. The legal framework of the ENP, comprising its objectives, methodology and instruments, is analysed to reveal the various stages of the existence of the policy and the shortcomings undermining its success. The initial stage of policy formation, the subsequent impact of the Treaty of Lisbon, and the most current state of affairs with a regional emphasis will be addressed in sequence.