France and Great Britain sign the Treaty of Utrecht, bringing an end to the War of the Spanish Succession (Queen Anne's War). Britain accepts Philip V as King of Spain, while Philip renounces any claim to the French throne.

The Peace of Utrecht was a series of peace treaties signed by the belligerents in the War of the Spanish Succession, in the Dutch city of Utrecht between April 1713 and February 1715. The war involved three contenders for the vacant throne of Spain, and had involved much of Europe for over a decade. Essentially, the treaties allowed Philip V to keep the Spanish throne in return for permanently renouncing his claim to the French throne, along with other necessary guarantees that would ensure that France and Spain should not merge, thus preserving the balance of power in Europe.

The War of the Spanish Succession was a European great power conflict, fought between 1701 to 1714. The death of Charles II of Spain in November 1700 without children resulted in a struggle for the Spanish Empire between rival claimants. Charles named his heir as Philip of Anjou, who was backed by his grandfather Louis XIV of France. His opponent, Archduke Charles of Austria, was supported by the Grand Alliance. Significant related conflicts include the Great Northern War (1700–1721) and Queen Anne's War (1702–1713).

Queen Anne's War (1702–1713) or the Third Indian War was one in a series of French and Indian Wars fought in North America involving the colonial empires of Great Britain, France, and Spain; it took place during the reign of Anne, Queen of Great Britain. In the United States, it is often studied as a standalone conflict under this name, although it is also viewed as the American theater of the War of the Spanish Succession. In France, it was known as the Second Intercolonial War.

Philip V was King of Spain from 1 November 1700 to 14 January 1724 and again from 6 September 1724 to his death in 1746. His total reign is the longest in the history of the Spanish monarchy, surpassing Philip IV. Although his ascent to the throne precipitated the War of the Spanish Succession, Philip V instigated many important reforms in Spain, most especially the centralization of power of the monarchy and the suppression of regional privileges, via the Nueva Planta decrees, and restructuring of the administration of the Spanish Empire on the Iberian Peninsula and its overseas regions.