The review article explores the meaning and foundation of the theory of collaborative governance and the factors that influence its successes and failures. The first part discusses the meaning, scope, and significance of collaborative governance. It explores its foundation and differences from other models of public and non-public sector relationships. In the second part, the article discusses factors affecting the formation of collaborative governance and factors obstructing its implementation. These factors can be understood through three dimensions: the structural and institutional dimension, the stakeholders’ dimension, and the relationship between stakeholders. The literature review includes the works of Kirk Emerson (2012), John Abbott (2012), and Chris Ansell and Alison Gash (2008), to name only a few.