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Diagnosis and treatment of acute and chronic injuries to the posterolateral structures of the knee are difficult tasks for the orthopaedic surgeon. It is generally agreed that acute grade 3 injuries should be repaired in conjunction with appropriate treatment of any other injured ligamentous structures of the knee. The treatment of chronic injuries remains more controversial, with many methods of reconstruction described, but no general agreement as to the most appropriate method of reconstruction. This article reviews the anatomy of the posterolateral aspect of the knee, the diagnosis of posterolateral knee injuries, and the treatment of acute and chronic injuries to the posterolateral structures.