Although the concept of regional power is frequently used in International Relations (IR) literature, there is no consensus regarding the defining characteristics of a regional power. The article discusses different theoretical approaches that address the topic of power hierarchies in international politics and make reference to the concept of regional power. Marking differences as well as common ground with the more traditional concept of ‘middle powers’, the article outlines an analytical concept of regional powers adequate for contemporary IR research. The analytical dimensions of the framework may be employed to differentiate regional powers from other states and to compare regional powers with regard to their power status or relative power. Furthermore, the article investigates the possible repercussions of the rise of regional powers for international politics and discusses the probable importance and functions of regional governance structures for regional powers.