Korchnoi left the USSR in 1976, and two years later he finally managed to win the Candidates and qualify to play Karpov for the title. Trailing late in his first World Championship match with just two victories to Karpov's five, Korchnoi staged a comeback, winning three games to level the score at 5-5. However, Karpov then won the final game, thereby taking the match and retaining the crown. Korchnoi qualified for another shot against Karpov in 1981, but was beaten again, 6-2. In the next Candidates cycle he was beaten by the rising young Soviet star Garry Kasparov. He continued to play at a very high level throughout the 1980s and 1990s, though he never contended for the world title again. He did, however, capture the 2006 World Seniors' Championship, scoring nine points out of eleven games. Though never World Champion himself, Korchnoi has defeated ten players who at some time held the official title: three reigning champions (Petrosian, Spassky, and Karpov), five former or future champions (Botvinnik, Smyslov, Tal, Fischer, Kasparov) and two future FIDE champions (Topalov and Ponomariov).

Today Korchnoi lives in Switzerland, representing his country at Olympiads and other international events. He was rated in the top 100 on the FIDE world ranking list as late as January 2007 (aged 75), the oldest player ever to hold such a high position.

In December 2012 Korchnoi suffered a stroke, and it is uncertain if he will be able to return to competitive chess.

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