The current scholarship on European colonialism may be divided into two approaches: colonial studies, sometimes referred to as a political-economy approach, and postcolonial studies, also known as “postcolonialism” or “subaltern studies.” Whereas the field of colonial studies appeared with the emergence of colonialism, the second emerged with decolonization, the national liberation armed struggles, and the political, formal, or institutional collapse of colonialism. The two approaches became or appeared as protests against very similar circumstances and critically complemented one another, but they soon tended to follow parallel and very different trajectories. Three basic conceptual references offer important insights not only about the geostrategic, historical, and socioeconomic trajectories of colonialism but also on its cultural evolvement and its present consequences: colonial encounter, colonial situation, and colonial legacy. In addition, the field of colonial or postcolonial studies today may give rise to three major evolvements in the near future. The first consists in the recovery of what started to be the initial subject matter of postcolonialism. The second arises from the requirement of a return to the political, historical, and economic origins of postcolonialist studies. Finally, it will perhaps be at the point of conjunction of world-systems analysis with postcolonial studies that a fundamental problem affecting our world will find the beginning of a possible solution. The combined application of world-systems analysis and postcolonial studies is a promising intellectual instrument for confronting the in-depth influence of Eurocentrism or Euro-American universalism in the current practice and teaching of the social sciences.