Since its introduction in 1993, the notion of multi-level governance (MLG) has spread with striking rapidity in European studies and beyond. Even more striking, however, is how little new knowledge MLG research has produced about the workings of politics in Europe and elsewhere. A symptom and a cause of such theoretical inconclusiveness is the debate that still surrounds the definition of MLG. Failure to settle on a clear meaning of the term is a major obstacle to the formulation of original and precise hypotheses. Building on this premise, the paper presents an analysis of MLG scholarship structured around the three main “axes of ambiguity” in the concept of MLG: the applicability of MLG beyond the EU; the meaning of “governance;” the role of non-governmental actors. After reflecting on these aspects, the paper concludes that only by removing MLG’s ambiguities will scholars be able to build a truly progressive research programme.