In March 1992, with the end of the Cold War, the 158th adopted the Air Force Objective Organization plan, and the unit was re-designated as the 158th Fighter Group.
In June, Tactical Air Command was inactivated as part of the Air Force reorganization after the end of the Cold War.
It was replaced by Air Combat Command (ACC).

In 1994 the scope of the squadron was again enlarged with the introduction of the block 25 version of the F-16.
The 134th FS was one of the first ANG units to receive the F-16C/D Fighting Falcon.
At first the mission of the squadron remained relatively the same.
But with the introduction of these aircraft a more multi-role mission profile became possible with the squadron being tasked to undertake deployments to the Middle East.

Along with the Air Defense mission, the men and women of "The Green Mountain Boys" have also been tasked seven times to deploy to different locations in Central America to help patrol the skies and intercept aircraft suspected of illegally smuggling drugs.
These missions were usually flown far offshore in the middle of the night and required a high degree of proficiency.

In 1995, in accordance with the Air Force "One Base-One Wing" directive, the 158th was changed in status to a Wing, and the 134th Fighter Squadron was assigned to the new 158th Operations Group.
 In mid-1996, the Air Force, in response to budget cuts, and changing world situations, began experimenting with Air Expeditionary organizations.
The Air Expeditionary Force (AEF) concept was developed that would mix Active-Duty, Reserve and Air National Guard elements into a combined force.
Instead of entire permanent units deploying as "Provisional" as in the 1991 Gulf War, Expeditionary units are composed of "aviation packages" from several wings, including active-duty Air Force, the Air Force Reserve Command and the Air National Guard, would be married together to carry out the assigned deployment rotation.

In the fall of 1997, the 158th Fighter Wing was evaluated by the Air Combat Command and was tasked to fight a simulated war from 2 locations, a very challenging undertaking.
The 158th Wing deployed 225 personnel and 10 F-16s to Canada while the rest of the Wing remained in Burlington for the comprehensive 5-day evaluation.
The men and women of "The Green Mountain Boys" received the first rating of "Outstanding" (the highest possible score) ever earned by an Air Defense Unit.

In 1998 the squadron was one of five ANG squadrons to be equipped with the Theater Airborne Reconnaissance System (TARS).
This way the squadrons mission became somewhat specific in the USAF, since only these five ANG units possess a tactical reconnaissance capacity.
They are therefore regularly asked to perform this mission for the entire organization.

In October 2000, the 134th Expeditionary Fighter Squadron was formed and deployed to Prince Sultan Air Base, Saudi Arabia as part of a "Rainbow" package composed of the 111th and 177th Fighter Squadron.
Operation Southern Watch was an operation which was responsible for enforcing the United Nations mandated no-fly zone below the 32nd parallel north in Iraq as part of Air Expeditionary Force 9.
This mission was initiated mainly to cover for attacks of Iraqi forces on the Iraqi Shi’ite Muslims.

After the terrorist attacks on 11 September 2001, the 134th began flying Operation Noble Eagle air defense missions over major cities in the northeast.

Beginning in May 2005, the 134th began a series of deployments to Balad Air Base, Iraq, being attached to the 332d Expeditionary Fighter Squadron.
This was a rotation in the Air Expeditionary Force 9/10 cycle as part of another Rainbow deployment to support Operation Iraqi Freedom (OIF) along with the 119th and 163d Expeditionary Fighter Squadrons.
  Another OIF Expeditionary deployment was made in February 2006 and a third to Balad AB was made in September 2007.

As a result of BRAC 2005, on 5 March 2008 – still in 186th FS markings – the 134th FS received its first F-16 block 30 (#87-0332) as the Montana ANG 186th Fighter Squadron converted to the F-15 E
In March 1992, with the end of the Cold War, the 158th adopted the Air Force Objective Organization plan, and the unit was re-designated as the 158th Fighter Group. In June, Tactical Air Command was inactivated as part of the Air Force reorganization after the end of the Cold War. It was replaced by Air Combat Command (ACC).
In 1994 the scope of the squadron was again enlarged with the introduction of the block 25 version of the F-16. The 134th FS was one of the first ANG units to receive the F-16C/D Fighting Falcon. At first the mission of the squadron remained relatively the same. But with the introduction of these aircraft a more multi-role mission profile became possible with the squadron being tasked to undertake deployments to the Middle East.
Along with the Air Defense mission, the men and women of "The Green Mountain Boys" have also been tasked seven times to deploy to different locations in Central America to help patrol the skies and intercept aircraft suspected of illegally smuggling drugs. These missions were usually flown far offshore in the middle of the night and required a high degree of proficiency.
In 1995, in accordance with the Air Force "One Base-One Wing" directive, the 158th was changed in status to a Wing, and the 134th Fighter Squadron was assigned to the new 158th Operations Group.  In mid-1996, the Air Force, in response to budget cuts, and changing world situations, began experimenting with Air Expeditionary organizations. The Air Expeditionary Force (AEF) concept was developed that would mix Active-Duty, Reserve and Air National Guard elements into a combined force. Instead of entire permanent units deploying as "Provisional" as in the 1991 Gulf War, Expeditionary units are composed of "aviation packages" from several wings, including active-duty Air Force, the Air Force Reserve Command and the Air National Guard, would be married together to carry out the assigned deployment rotation.
In the fall of 1997, the 158th Fighter Wing was evaluated by the Air Combat Command and was tasked to fight a simulated war from 2 locations, a very challenging undertaking. The 158th Wing deployed 225 personnel and 10 F-16s to Canada while the rest of the Wing remained in Burlington for the comprehensive 5-day evaluation. The men and women of "The Green Mountain Boys" received the first rating of "Outstanding" (the highest possible score) ever earned by an Air Defense Unit.
In 1998 the squadron was one of five ANG squadrons to be equipped with the Theater Airborne Reconnaissance System (TARS). This way the squadrons mission became somewhat specific in the USAF, since only these five ANG units possess a tactical reconnaissance capacity. They are therefore regularly asked to perform this mission for the entire organization.
In October 2000, the 134th Expeditionary Fighter Squadron was formed and deployed to Prince Sultan Air Base, Saudi Arabia as part of a "Rainbow" package composed of the 111th and 177th Fighter Squadron. Operation Southern Watch was an operation which was responsible for enforcing the United Nations mandated no-fly zone below the 32nd parallel north in Iraq as part of Air Expeditionary Force 9. This mission was initiated mainly to cover for attacks of Iraqi forces on the Iraqi Shi’ite Muslims.
After the terrorist attacks on 11 September 2001, the 134th began flying Operation Noble Eagle air defense missions over major cities in the northeast.
Beginning in May 2005, the 134th began a series of deployments to Balad Air Base, Iraq, being attached to the 332d Expeditionary Fighter Squadron. This was a rotation in the Air Expeditionary Force 9/10 cycle as part of another Rainbow deployment to support Operation Iraqi Freedom (OIF) along with the 119th and 163d Expeditionary Fighter Squadrons.   Another OIF Expeditionary deployment was made in February 2006 and a third to Balad AB was made in September 2007.
As a result of BRAC 2005, on 5 March 2008 – still in 186th FS markings – the 134th FS received its first F-16 block 30 (#87-0332) as the Montana ANG 186th Fighter Squadron converted to the F-15 E
134th Fighter Squadron