Nostalgia has become a new master narrative both in public discourse and academic research, serving as an explanation for trends in fields as different as popular culture, fashion, technology, and politics. This essay criticizes the wide-ranging use of the term. It argues that nostalgia often does not adequately describe the diverse uses of the past to which it is applied. It does this by historicizing the nostalgia discourse with particular emphasis on the 1970s, when dictionaries first noted a semantic shift from homesickness to a sentimental yearning for the past, and intellectuals discussed a widespread, pathological “nostalgia wave.” After the introduction, the second section looks at the changing meanings of nostalgia, the third examines how the “nostalgia wave” was seen to manifest itself and who was thought to be afflicted by it, and the fourth discusses contemporary explanations. Building on this, the final section critically examines the nostalgia discourse before evaluating its continuing influence.