The paper examines that recent referendum in the Kurdistan Region of Iraq with due attention to the root causes and obstacles that may prevent establishment of an independent state in the region. According to its findings, the Kurdish nationalism is affected by different elements including historic conditions, geopolitical significance, recent regional developments in the Middle East and involvement of some of the extra regional great powers as well as regional powers. In the meantime, geopolitical isolation, opposition of the regional powers, namely, Iran and Turkey, lack of international support and the Kirkuk issue are among the main obstacles of such an establishment.