Amid the US-China power struggle, this paper examines Pakistan's foreign policy challenges, its economic and military reliance on both great powers. Using structural realism, the analysis considers how great power competition drives states to either balance against rivals or adopt a hedging strategy to prevent dependence on a single power. Focusing on a mixed-method approach, this study employs an integrative review technique to analyze the data. Findings indicate that Pakistan holds a distinct status as an All-Weather Strategic Cooperative Partner and an ironclad friend of China, while also aligning with the US as a major non-NATO ally. Additionally, the expanding strategic partnership between the US and India is likely to impact Pakistan's foreign policy. The paper presents two potential scenarios: one in which Pakistan adopts a balancing strategy, and another in which it pursues a hedging strategy. Ultimately, Pakistan's efforts to secure its interests involve striking a balance between power and maintaining neutrality through hedging, reflecting its strategic dilemma.