Since the early 2000s the Mongolian Buddhist masked ritual dance, in the Khalkh-Mongolian language called Tsam, has been re-introduced to the Mongolian religious field. Nowadays a couple of Buddhist monasteries in Mongolia perform the Tsam once a year. This paper examines the Mongolian masked dance in its historical and contemporary aspects, with a special focus on the Khüree Tsam. It provides an overview of the Tibetan history of the masked ritual dance and its historical Mongolian developments, as well as an ethnographic study of the 2009 performance of the Khüree Tsam in Dashchoilin monastery of Ulaanbaatar. Whereas the historical part of this paper draws on Tibetan and Mongolian dance manuals and chronicles, the ethnographic part is methodologically based on participant observation, expert and semi-structured interviews. Finally, the paper discusses the changes and adaptations the Khüree Tsam underwent within and outside the monastic context in today’s Mongolia.