Absolute monarchy which had prevailed in Thailand for seven centuries was replaced by constitutional monarchy through a coup by middle ranking military officers on June 24, 1932. Since then, Thailand has witnessed periodic political instability, frequent changes of government, coups and counter coups and a shift back and forth between representative government and authoritarian rule. Only the monarchy has remained stable as it continues to win respect from the populace. Changes of government under the constitutional monarchy have mostly been brought about through coups and mass uprisings rather than elections. However, there has not been prolonged and large scale political violence and, as a consequence, the country has survived. This can be attributed to the role of the monarchy which is the country’s most revered institution and a symbol of the traditions and moral core of the nation which have unified all Thais. This paper attempts to explain the role of the monarchy in helping to maintain peace, stability and unity amidst political turmoil and conflicts during the past three decades.