This paper analyses challenges and opportunities for building peace in Northeast Asia. The paper begins by identifying the current challenges for peacebuilding in Northeast Asia, especially focusing on the security concerns of China, South Korea, North Korea and Japan. Next, it investigates the key opportunities for building peace in the region. Here, the possibilities for developing regional economic cooperation as well as for creating effective multilateral security frameworks in Northeast Asia and recent sub-national trends will be discussed. Then, it explores the key elements for maintaining peace and stability in Northeast Asia. In this section, the roles of the United States (US) and the United Nations (UN) in Northeast Asia will be discussed.