Although foreign aid has been a primary policy tool in international relations for almost seventy years, its effects on recipient countries have not been clarified yet. The foreign aid approach that was formed by the United States (US) has the official goals of extending welfare, developing physical infrastructure, increasing the level of education and lowering child mortality rate, as well as fighting corruption and supporting democracy, in developing countries. However, the literature indicates that this approach has led to economic crises, coups d’état and domestic conflicts in several countries. The reasons for this outcome include the prioritization of the strategic interests of donor countries over the official goals of aid, in addition to the disregard of the structural and cultural differences of recipient countries. In contrast, China and Turkey have developed their own foreign aid approaches beginning in the 2000s. China has focused on energy, especially oil, infrastructure without demanding political reform from recipient countries and become the primary export partner of Africa. Turkey, on the other hand, has concentrated its efforts on social infrastructure and services, while strengthening its historical and cultural ties with the recipient countries. This article first draws the contours of these three approaches and then discusses their potential implications for recipient and donor countries.