The second edition of the Quadrennial Homeland Security Review (QHSR) was issued in June of this year. A Congressional mandate requires each QHSR to examine the nation’s homeland security strategy and explain how this can lower risks from terrorism, natural hazards, and other challenges. The intended audience is not only Congress and the department of homeland security (DHS), but also the Homeland Security Enterprise (HSE) – stakeholders comprising federal, state, local, tribal, territorial, nongovernmental organizations (NGOs), private sector partners, as well as communities, families, and individuals. The first QHSR institutionalized homeland security fundamentals and presented a set of missions and goals, but questions have been raised about the strategic benefits of the document and its value to all homeland security stakeholders. Will the second QHSR effectively build upon the first and function as a strategy that ensures homeland security programs will align with mission priorities? What improvements can be made in DHS’s efficiency and effectiveness as expressed in both documents? Will the QHSRs serve the entire HSE, particularly those below the federal level? What are future expectations for this series of documents? This article analyzes the QHSRs, with the objective of and illuminating these and other questions of interest to the homeland security community.