Abstract: Participating in competitive events such as Invictus Games and Warrior Games has been identified to have benefits for the physical and psychological wellbeing of veterans. There is, however, potential for negative impacts for veterans who either do not achieve selection in representative teams or who experience the ‘post-games blues’ following participation in competitive events. The potential double-edged-sword of competition for this population needs to be understood. UniSA’s Invictus Pathways Program (IPP) has supported veterans to train for and participate in competitive events, applying a holistic approach that promotes recovery and wellbeing for all veterans through physical activity. Applying thematic analysis to semi-structured interviews undertaken with participating veterans and their family members, this paper describes the lived-experience perspectives of the journey through training, team selection processes, veterans representing themselves and their country on the international stage, and veterans’ plans post- competition. The findings suggest perceptions that participation in competitive games was followed by “post games blues” for most of the participants in this study, and that the factors that contributed were varied. Participation in competitive events was valued and seen as a high point for veterans and members of their family support network. Despite the evidence for physical and psychological benefits for veterans who participate in competitive events, similar to elite athletes, there is an identified need to provide appropriate support throughout training, participation, and post-competition, to mitigate potentially detrimental impacts on mental health and wellbeing wherever possible.