It is broadly understood that postdoctoral research fellows (hereafter postdocs) play a significant role in higher education’s research outputs, teaching and learning, and the rating and ranking of an institution. Largely shaped by the neoliberal turn(s) in higher education from the late 1970s and 1980s, postdocs have become an indispensable yet precarious labour force that higher education institutions have come to rely on. In the South African context, research on postdoc fellowships is relatively new, with limited scholarship focusing on the narratives and voices of these marginalised scholars. In this article, I purposively recruited and interviewed 23 former and current postdocs in three research-intensive universities in South Africa as well as a university vice dean of research, and a former senior official of the Department of Higher Education and Training. I also consulted and analysed various South African higher education policy documents and ministerial articulations regarding postdocs in the country. Through the use of in-depth semi-structured interviews, two competing narratives emerged from the data—that is, the deeply rooted and entrenched idea of the postdoc system as a pipeline for novice researchers to transition into established scholars, and the idea of the postdocs as precarious scholars whose academic labour is insecure, unstable, and exploited in the university. I conclude the article with some broad systemic implications on the role and function of postdocs in South African higher education, and the need for more research to understand these marginalised scholars.