This study assessed characteristics associated with on-again/off-again (on–off) partners’ perceived relational stability. We employed a three-category conceptualization of stability in which participants were classified as believing the relationship was relatively stable, permanently dissolved, or continuing to cycle between breakups and renewals. Investment theory was first used to distinguish the three stability groups with satisfaction and alternatives mostly strongly associated with perceived stability. We also assessed specific characteristics salient to on–off relationships. Most were associated with perceived stability, but relational uncertainty, relational stress, positive feelings about the relationship, and number of renewals emerged as the best discriminators. Overall, the cycling group reported moderate levels of most characteristics along with greater uncertainty, suggesting they have a more ambivalent view of their relationship.