Peroneal tendon subluxation or dislocation often is misdiagnosed as an ankle sprain. Chronic dislocation can cause chronic pain or a sense of instability. Although both conservative and operative methods have been advocated for treatment of acute injuries, currently surgical management is generally recommended for both acute and chronic injuries. Numerous operative techniques have been described, including rerouting procedures, soft-tissue repair and reconstruction, and bony procedures. Results usually are excellent after correct diagnosis and appropriate treatment.