The article discusses the use of development assistance as a foreign policy tool by the Benelux countries, namely Belgium, the Netherlands and Luxembourg. The paper aims to answer the question whether the development assistance provided by the Benelux states corresponds to their political statements which cite this policy area as a soft power instrument, or the three approaches to development assistance rather reflect other goals, e.g. beneficial economic cooperation with developing countries. The article analyzes international statistical data, sociological surveys and official development assistance-related documents, using qualitative historical and descriptive as well as genealogical and historical methods to trace the evolution of the three countries' approaches. The concepts of small and middle powers, to which the Benelux countries belong, and the concept of soft power constitute the theoretical and methodological framework of the research. The article concludes that the Benelux countries' approaches to development assistance are different, complex and changeable. The pursuit of economic goals helps explain at least some of the three states' geographic and functional priorities, which translate into defining countries where Benelux' companies are situated as key partners or specializing in the development assistance areas where these companies can be involved. This pursuit is most clearly evident in the Dutch approach, while Luxembourg seems to value soft power function more as it enhances the country's image as one of the most generous donors and a responsible member of the international community. Unlike Luxembourg, the Netherlands and Belgium show a downward trend in the amount of assistance allocated (with the exception of 2015 and 2022), amid doubts about the effectiveness of development assistance and securitization of this area; however, the ongoing public debates keep relevant the use of development assistance as soft power vis-a-vis the countries of the Global South.