This article demonstrates how the Armenian Question and the interpretations of the Armenian Genocide—both justifying and opposing it—shaped political discourse during and after the First World War in Hungary, particularly with regard to the years preceding the Holocaust. The first part briefly presents the evolution of the Armenian Question in the Hungarian public and political discourse from the late nineteenth century up to the First World War. Next the article outlines the diverse nature of Hungarian sources on the Armenian Genocide and its aftermath, corroborating that interwar Hungarian governments had detailed knowledge of the past plight and current situation of Armenians in Turkey. The third part depicts the different manifestations of the discourse on the Armenian Genocide between the two world wars in connection with refugees, anti-Semitism, and Turkish-Hungarian economic and political relations. Finally, some preliminary conclusions are drawn and some possible consequences are examined.