De-globalization is gradually being embraced by organizations across the world and it is being further aided by the challenges posed by nature-like natural disaster and pandemics. As globalization and internationalization gradually reduce, organizations refocus on the home and regional markets. As organizations refocus on home and regional markets, the need for International Joint Ventures (IJV) will evolve in the de-globalized world. This article attempts to conceptualize the effect of de-globalization on IJV formation, purpose of IJV, IJV termination and interaction post IJV termination, and builds actionable propositions that can be pursued by researchers in future. The article is among few research endeavours undertaken to explore the effect of de-globalization on IJV in specific and strategic alliance in general. © The Author(s), 2021. All rights reserved.