In Hungary, right-wing populism has become a semi-official discourse that legitimizes the authoritarian regime of Viktor Orbán. In this sense, one may see Hungary as a successful laboratory of mature, hegemonic state populism. The country showcases, for the first time in an EU member state, what happens when right-wing populism functions as a regime ideology in a political system where democratic checks and balances have been largely dismantled. This chapter explores some key characteristics of Orbán’s populist rhetoric that contributed to the post-democratic transformation of the country since 2010. Using data from a longitudinal content analysis of 41 key speeches that Orbán gave in twenty years, it finds the roots of Orbán’s success in strategic, sustained securitization (framing issues as dramatic, existential threats to the nation) and enemy creation as consistent features of his prolific rhetoric and propaganda strategy. This deep securitization creates a resonance with Hungary’s history and a negative self-image related to victimization of the nation - views that are prevalent and popular among Hungarians.