The intertwined relation between policy and intelligence has long been considered a vital issue for intelligence studies. However, this article argues that the role of the intelligence services as producers of knowledge within policy processes has not yet been thoroughly discussed within academia. One possible overall theoretical framework for studying intelligence in its role as knowledge producer is that of policy analysis, especially if the variance of intelligence’s impact on policy is under scrutiny. More specifically, this article argues that the theoretical approaches within critical policy analysis and policy network analysis constitute productive frameworks for research into the intelligence–policy nexus.