The paper is an attempt to analyse Afghanistan's shifting security and economic conditions under Taliban rule using the Regional Security Complex Theory (RSCT). Since the Taliban regained power in 2021, they have faced critical challenges in establishing stable governance, resulting in a severe humanitarian crisis compounded by economic collapse and political isolation. External aid reduction and sanctions have limited Afghanistan’s access to the global financial system, leading to dramatic socio-economic setbacks. Regional actors, including India, Pakistan, China and Iran, interact cautiously with the Taliban administration, aiming to prevent cross-border instability and insurgent threats, while hesitating to grant formal recognition. For South Asia, Afghanistan’s internal upheaval escalates security tensions, particularly between India and Pakistan, and poses broader risks regarding extremism and economic destabilization. This study suggests that collaborative, conditional engagement by regional stakeholders facilitated through SAARC and SCO platforms may provide a viable path toward stability if the Taliban adhere to basic humanitarian and security norms. Such regional engagement is essential for addressing Afghanistan's humanitarian needs and reducing threats to regional security.