Out of the violent conflicts in the former Soviet Union, the war over Nagorno-Karabakh is the most threatening to the future development of the region, both economically and politically, as it is no closer to a solution than when the fighting ended in 1994. This is regrettable as there are some opportunities that provide the warring parties enough flexibility to move forward in the negotiation process. This thesis analyzes the evolution of the Nagorno-Karabakh conflict under the aegis of the OSCE Minsk Group from 1992 to the present. It discusses not only the history of the Nagorno-Karabakh conflict and what went wrong with the Minsk Group's attempts to find a fair and objective solution to the conflict, but also the obstacles and opportunities for a settlement. From this discussion, suggestions to improve the Minsk Group's performance are presented, and future predictions of a peaceful settlement to the Nagorno-Karabakh conflict will also be discussed.