The pendulum of peace building on the Korean peninsula has swung backand-forth many times, and in early 2010 North Korea placed renewed emphasis on a peace treaty with the United States as a means to deal with (eventually) denuclearization issues. However, few policy makers in Seoul, Washington, or even Beijing believe that Pyongyang is sincere when it says that it wants to establish a Korean peace regime in a way that would be even remotely acceptable to the allies. It seems that once again we are experiencing a peace building mirage. The difference this time, however, is the potential for greater consensus among South Korea, the United States, and China when it comes to potential peace talks. Beijing does not view the peace issue the same way as Seoul or Washington, but their approaches are beginning to converge, and the potential to develop a regional consensus for Korean peace building (and to influence Pyongyang’s thinking in this regard) has perhaps never been greater. This article will explore this opportunity based on recent events and on research by the authors.