Strategy & Tactics (S&T) is a wargaming magazine that has had several publishers. It was first published in 1967 by Chris Wagner, and then by Simulations Publications Inc. (SPI), who notably began to include a free wargame with every issue. After the demise of SPI, ownership passed to TSR, and then to 3W, before the magazine was acquired by Decision Games.

In 1967, Chris Wagner was serving in Japan as a staff sergeant with the US Air Force. Wagner, an avid wargamer, wanted to create a better alternative to Avalon Hill's house magazine, The General, and in January 1967 he published the first issue of a fanzine titled Strategy & Tactics. While Wagner served in Japan, sales were limited to fellow servicemen in Japan. The magazine began to circulate in the United States when Wagner returned home.

Wagner hired graphic designer Redmond Simonsen to improve the quality of the magazine. However, when subscriptions stagnated, debts began to accumulate.

Jim Dunnigan, who had designed several games for Avalon Hill, had also been contributing articles to S&T since Issue 2 (February 1967). He disagreed with Avalon Hill's policy of only producing one or two expensive wargames per year, and had been toying with the idea of forming a company to produce many cheaper wargames every year. When Dunnigan heard about S&T's financial issues, he decided to form Poultron Press to test-market a series of cheaply produced wargames. Needing a house magazine, he also bought the rights to S&T from Chris Wagner for $1. (In an interview printed in S&T #83 (The Kaiser's Battle), Wagner confirmed this sale, and mentioned that Dunnigan had not paid him the $1 until much later.)

Dunnigan set up Poultron Press in a building in New York City's Lower East Side, where he published his first issue of S&T, #18 (September 1969); it included the free small pull-out wargame Crete. Thereafter, the magazine was published six times a year, and every issue included a free small wargame.

Dunnigan's series of test games sold well, and he changed the name of the company to Simulations Publications Inc. (SPI) as he geared up to publish large boxed wargames. Planning to use S&T to promote these new games, he hired Albert Nofi as associate editor of S&T. The magazine's hallmark became detailed historical background articles about the wargames SPI was producing. Circulation of the magazine became substantial.

In 1972, SPI published a spin-off magazine, Moves, which focused more on how to play the wargames SPI was producing. By the mid-1970s, S&T's circulation exceeded that of Avalon Hill's The General.

In the late 1970s, SPI's sales started to decline despite annual income declared at two million dollars, as inflation caused financial pressure on the company. Dunnigan departed, as did SPI's marketing manager Howard Barasch. In the early 1980s, the bottom fell out of the wargame market; this, combined with poor management decisions such as publishing the Dallas role-playing game and an unfortunate turn with venture capitalists, caused the company's financial situation to worsen. Negotiations began with Avalon Hill and then TSR for a buy-out, but neither was interested.