This research article explains why Cambodia’s dual transition of peacebuilding and democratization after the civil war led to peace but not democracy. The research finds that democratization often threatened peacebuilding in Cambodia. Particularly elections led to political instability, mass protests, and renewed violence, and thus also blocked reforms to democratize Cambodia’s government institutions. By applying the war-to-democracy transition theory and theories of political reconciliation to Cambodia’s dual transition, the following research article finds that a lack of political reconciliation between Cambodia’s former civil war parties is the main reason why the dual transition failed. This article argues that peace-building and democratization are only complementary processes in post-civil war states when preceded by political reconciliation between the former civil war parties.