In the altering global political landscape, paradigm shifts in power balance always have repercussions on the established international order. In this regard, it has been witnessed in recent years that the US-China-Russia rivalry has significant implications for the architecture of international security at both global and regional levels. On one hand, China appears to have expressed discomfort with the US-centric global security framework and aspires to lead the reform of global security governance towards a new paradigm of 'partnership and mutually beneficial outcomes'. While China has supported Russia's interpretation of the conflict in Ukraine and views Russia as a potential ally in its narratives, there are inconsistencies in its stance towards Russia. This suggests that China's foreign and security policy, including the prospect of cooperation and confrontation, is still in the making. In contrast, the United States views China and Russia's support for oppressive regimes as counterproductive, while China and Russia view the United States' democracy and human rights promotion and military intervention in certain regions as problematic. However, there is potential for cooperation between the US and China in areas such as peacekeeping, promoting global stability, and reducing the risk of inadvertent escalation. Consequently, the evolving relationship between these three powers and their impact on the global security landscape highlight the need for a deeper understanding of their respective interests and the potential for cooperation or conflict in various regions. Thus, keeping these notions into consideration, this paper attempts to assess the global chessboard where these major powers engage in a multifarious struggle for dominance. For this, the research endeavours to shed light on the evolving nature of global security structures as well as how this tripartite power play influences security landscapes across the world. The paper seeks to offer a panoramic view of the contemporary international order, which is shaped and reshaped by the interplay of forces between the U.S., China, and Russia.