This paper aims to report how school leadership is challenged by the three waves of education reform and development in Hong Kong. Since the 1970s, school leaders in the first wave were mainly concerned with achievement of the planned goals through improvement of teaching and learning. In the 1990s, school leaders of the second wave often focused on interface improvement through various types of quality inspection and assurance. In facing the challenges in the new century, the third wave of changes in Hong Kong is moving towards the pursuit of future effectiveness. The school leaders need to be concerned with enhancing educational relevance and creating new goals. This paper will discuss how the leadership conceptions and concerns of the third wave in Hong Kong are completely different from the traditional thinking. Implications are drawn for educators, policy-makers, and scholars in different parts of the world. (Contains 5 tables.)