The question of WWI aims of the Kingdom of Hungary, constituting a distinct State within the Habsburg Monarchy, remains almost unexplored. This paper tries to reduce this gap. First, it synthesizes the main features of Hungarian expansionist projects in 1914–1918. Second, it emphasizes the importance of war-time separatist scenarios, intending to ensure the territorial integrity of Hungary. This way, the Hungarian strategic thought during the war appears to have constantly balanced between perspectives of territorial enlargement (in case of a victory of Central Powers) and independence (in case of the Entente’s success). Both alternatives had a common goal – to maximally secure the political freedom and territories of Hungary. The paper is based on the analysis and synthesis of available sources in Hungarian, Slovak, English, French and Russian (relevant historiography, published and archives documentation and memoirs).