This paper offers a critical assessment of the argument that the terrorism we confront today is entirely new. It analyzes the assumptions behind the “new” terrorism view point, questions its usefulness as an explanation of the threat, and assesses the negative implications of its policy recommendations. My conclusion is that the knowledge we have of the psychology of past terrorism may be limited, but it is by no means obsolete. Instead we should integrate and build on our accumulated research findings in order to understand the present and the future.