This chapter argues that realism offers important insights for the study of small states. By looking into four iconic realist works, we show that the popular view that small states defy realist expectations because these states can ‘punch above their weight’ is mistaken. Realists do not dismiss the ability of lesser powers to overachieve under certain systemic or state-specific circumstance. In contrast, realists specify how small states can overachieve under certain systemic or state-specific circumstances such as intense competition among great powers, possession of assets of value to great powers, national morale and character, high-quality diplomacy and a good reputation. Our argument proceeds in three steps. First, we map current debates in the study of small states in international affairs identifying central positions and lacunas in the literature. Second, we present a reading of iconic realist works showing how they help us to fill the lacunae of current debates. Finally, we conclude the paper with a discussion of implications for the study of small states and international relations.