The combatants were the victorious Balkan League (Serbia, Greece, Bulgaria and Montenegro) and the defeated Turkey. Representing the Great Powers were Britain, Germany, Russia, Austria-Hungary and Italy.
# Hostilities had ceased on December 2, 1912. Three principal points were in dispute: the status of Albania, which had been overrun by Serbia, Montenegro and Greece;
# the status of the Sanjak of Novi Pazar, part of the Old Serbian territories of Raška and Zeta (Duklja), formally under the protection of Austria-Hungary since the Treaty of Berlin in 1878;
# the status of the other conquered territories: Kosovo, Macedonia and Thrace.
The Treaty had convened in London following an international conference which had opened in there in December 1912, in light of a declaration of independence by Albania on November 28, 1912.
Austria-Hungary and Italy strongly supported the creation of an independent Albania. In part, this was consistent with Austria-Hungary's previous policy of resisting Serb expansion to the Adriatic. Russia supported Serbia and Montenegro. Germany and Britain remained neutral. The balance of power struck between the members of the Balkan League had been on the assumption that Albania would be among the conquered lands shared between them.
The terms enforced by the Great Powers were:
# Albania was declared independent; with Serbia, Montenegro and Greece being obliged to withdraw their forces.
# The Sanjak of Novi Pazar was divided between Serbia and Montenegro.
# Serbia was allowed to retain Kosovo and received most of West Macedonia.
# Greece retained Macedonian coastal land to Thessaloniki.
# Bulgaria retained Thrace and the remainder of Macedonia.
As a result of the terms of the Treaty of London, the Second Balkan War broke out between the combatants in June. A final peace was agreed at the Treaty of Bucharest on August 12, 1913.