This article analyses the changes in international student mobility from the lens of three overlapping waves spread over seven years between 1999 and 2020. Here a wave is defined by the key events and trends impacting international student mobility within temporal periods. Wave I was shaped by the terrorist attacks of 2001 and enrolment of international students at institutions seeking to build research excellence. Wave II was shaped by the global financial recession which triggered financial motivations for recruiting international students. Wave III is being shaped by the slowdown in the Chinese economy, UK's referendum to leave the European Union and American Presidential elections. The trends for Wave III show increasing competition among new and traditional destinations to attract international students. The underlying drivers and characteristics of the three waves suggest that institutions are under increasing financial and competitive pressure to attract and retain international students. Going forward, institutions must innovate not only to grow international student enrolment but also balance it with corresponding support services that advance student success including expectations of career and employability outcomes.