The purpose of this article is to analyze political change in Thailand, focusing on the military, the king and Thaksin since 1932 as well as to review its implication on Thai democracy. Thai military was certainly the modernizing force in politics by emasculating the absolute monarchy in 1932. The actual interests of the military, however, was not establishing democracy but taking over political power by coup. In that regard, Thai military cannot help avoiding its evaluation of obstacles to democracy even though it had tried to modernize Thai politics. After the king recovered his political influence that was lost by the 1932 coup during the 1950s, he has been above the law with sincere respect from his people. His dignity and influence, however, was threatened after Thaksin took over the government in 2001. Since then the formation of confrontation between the king and the military versus Thaksin and his supporters made the king be imaged as the head of anti-Thaksin forces. As a result, currently the king's power to mediate the conflicting forces in Thai society became seriously weak. Thaksin can certainly be seen to bring about the dramatic change in Thai politics. After he took the premiership, however, he boldly and publicly challenged the inviolable authority of the king. Moreover, he did not consider the potentiality of military coup by the king's military. Consequently Thaksin led to his political demise as well as the serious conflict and division between the anti-Thaksin and the pro-Thaksin among Thais, a critical condition of Thai democracy. In this regard, political change in Thailand has been moved from the absolute monarchy, military authoritarianism, and to the transition to liberal democracy. However, the prospect for political change toward democracy since the 2006 military coup in Thailand is not so promising at this moment.