The article examines the recent debate on a genuinely realist perspective in political philosophy and argues that the core idea of realism is a certain type of ethical theory. In spite of the notorious polemic against “moralism” in politics that is characteristic of realist thinkers since Machiavelli, political realism as put forth in the current debate is not to be understood as a strictly fact-oriented perspective on politics, but rather as a perspective that itself is founded on a theory of political ethics. This peculiarly realist theory of political ethics can be characterized by its focus on the theoretical importance of political application problems, by a genuine priority principle underlying its understanding of political ethics, by its distinctive understanding of the concept of legitimacy and, finally, by its claim that any form of ethics, as far as it is concerned with political questions, is necessarily ambivalent in character.