This study explores the complex trajectory of decentralization in Morocco, adopting a case study approach to analyze its institutional development, structural limitations, and the influence of various actors and contexts. While Morocco has constitutionally embraced the principle of "territorial equity" to address deep-rooted regional disparities, the decentralization process has been marked by oscillation between administrative and political models, and by uneven implementation. Despite reforms—particularly after the Arab Spring—that introduced a more advanced version of administrative decentralization, the system continues to face significant challenges related to governance, institutional design, and effectiveness. The research highlights how the enduring legacies of the Makhzen, colonial administrative structures, and the state-led autonomy initiative have shaped decentralization outcomes. It also underscores the limited transformative impact of these reforms on local development, especially in peripheral and historically marginalized regions. More than two decades after the formal adoption of decentralization—and over a decade into its implementation—Morocco's experience remains hindered by structural imbalances and a disconnect between developmental ambitions and political reform.