This study examines shifts in Pakistan’s foreign policy towards Saudi Arabia and Iran during the Pakistan Tehreek-e-Insaf (PTI) government (2018–2022) and the Pakistan Democratic Movement (PDM) government (2022–2023). It comparatively analyzes how each government managed relations with these two regional rivals and identifies the political, economic, diplomatic, and security determinants shaping policy choices. Using a qualitative case-study approach supported by document analysis, official statements, economic indicators, and secondary literature, the study finds that PTI pursued a calibrated balancing strategy aimed at strategic autonomy and regional mediation, whereas PDM adopted a more pragmatic and economically driven alignment, with greater emphasis on ties with Saudi Arabia amid domestic economic constraints. The findings highlight how leadership preferences, economic vulnerability, regional security dynamics, and external pressures collectively influenced policy recalibration.