The article extends the line of research on strategic alliance stability, which has been studied widely in the academic literature for the pastdecades. Contrary to the majority of existing papers, this study adopts amulti-dimensional view on strategic alliance stability, and differentiates between two major stability components: internal and external stability. Directand indirect effects of trust, resource complementarity and partners’ longterm orientation on external and internal stability were studied in the paper.Using structural equation modeling (SEM) as an empirical method, the research shows that (1) internal stability is positively influenced by trust andresource complementarity, while (2) external stability is positively affectedby partners’ long-term orientation. Moreover, (3) the study supported a hypothesis about a positive relationship between external and internal stability.Keywords: strategic alliance stability, internal stability, external stability,trust, long-term orientation, resource complementarity.