Abstract: The dawn of the twenty-first century witnessed a new wave of multilateral initiatives in the Asia-Pacific. By integrating institutional balancing theory and role theory, the author proposes a new theoretical framework—‘balance of roles’—to explain the variations in institutional strategies by different states. It is argued that a state’s role conception will shape its institutional balancing strategies in an order transition period. An order defender, like the USA, is more likely to adopt exclusive institutional balancing to exclude its target from its dominated institutions. An order challenger, such as China, will choose both inclusive and exclusive institutional balancing to maximise its own power and legitimacy in a new international order. As a kingmaker, a proactive second-tier state is more likely to pick an inter-institutional balancing strategy to initiate new institutions for competing for influence with existing institutions. An institutionalised order transition might be more peaceful than widely perceived.