The aim of this study is to investigate the effects of military expenditures on external debt with other variables like GDP growth, fixed capital formation and openness. The empirical analyses are utilized by using annual panel data for 36 developing countries and by following the methodologies of "Pooled OLS Model" and "Dynamic Panel Estimations”. The sample period covers the years between 1996 and 2013. The estimation results indicate that a change in military expenditure affects external debt positively in developing countries concerned.