This book develops a rigorous theory of indeterminism as a local and modal concept. Its crucial insight is that our world contains events or processes with alternative, really possible outcomes. The theory aims at clarifying what this assumption involves, and it does it in two ways. First, it provides a mathematically rigorous framework for local and modal indeterminism. Second, we support that theory by spelling out the philosophically relevant consequences of this formulation and by showing its fruitful applications in metaphysics. To this end, we offer a formal analysis of modal correlations and of causation, which is applicable in indeterministic and non-local contexts as well. We also propose a rigorous theory of objective single-case probabilities, intended to represent degrees of possibility. In a third step, we link our theory to current physics, investigating how local and modal indeterminism relates to issues in the foundations of physics, in particular, quantum non-locality and spatio-temporal relativity. The book also ventures into the philosophy of time, showing how the theory’s resources can be used to explicate the dynamic concept of the past, present, and future based on local indeterminism.