The article examines the conflict nature of modern terrorism. It is proposed to consider this phenomenon through the prism of a risk-reflective approach. The article demonstrates that modern terrorism is losing its previous ontological features, attachment to a geographical, cultural or political location, and the goals that it manifests acquire an existential character. The current academic discussion around modern terrorism is analyzed and its basic interpretation is given as a means of conflictive action in a political struggle that is characterized by the use of open violence against the civilian population under a certain degree of protection of the opponent and, consequently, the formation of stable social phobias that influence political decision-making. Using original research interpretations of modern terrorism, such as “superterrorism” (E. A. Stepanova), “terrorist situation” (J. Baudrillard), “global war” (M. Hardt, A. Negri), and classic conflict theories expounded by L. Coser, R. Dahrendorf, K. Boulding, L. Kriesberg, the authors conclude that the changed parameters of terrorism lead as well to the transformation of conflict where it is used in a permanent conflict situation. This does not fundamentally imply the quasi-group’s transition into real conflict groups, or into an unrealistic conflict, where terror and the fear generated by it from an instrument of political struggle turns into an end in itself. As it is shown in the article, the ability of social groups to correlate a response to threats with realistic terrorism parameters is significantly reduced. The article raises the issue of the high danger of terrorism risk-reflection transition into the format of social phobia that is spontaneously activated and subsided as a result of the manipulative effect of discursive strategies used by elite groups on it. It is confirmed that the sum of costs generated by the new format of terrorism is becoming a serious factor for modern practices of maintaining the social order in conditions of global competition.