Islamic scholars believe that the Qur’ân contains rational (al-aklî) and informed (al-habarî) miracles that support the prophethood of Muhammad. There is a consensus among them that the Qur’ân is a miracle, however, there is a disagreement about the aspects of this miracle. Therefore, it is observed that there are many theories put forward by the scholars of linguistics and tafsir regarding the nature of the Qur’ân being a miracle, how the phenomenon of i‘jâz is realized, how the i‘jâz of the Qur’ân can be explained, and the direction in which i‘jâz takes place. Most of the theorists of i‘jâz and also those who make explanations on this subject refer to Sûrah al-Kawthar (a river in paradise), which is the shortest surah of the Qur’ân in terms of verse and volume. It consists of just three verses and ten words. While there are those claiming the number of verses of al-Kawthar should be taken as a basis for i‘jâz and challenge (tahaddî), there are also those arguing the amount of words or letters of it should be accepted as a criterion. On the other hand, in the history of tafsir, there are some scholars like Fahraddin ar-Razî claiming that it is impossible for short surahs (al-qiṣār) to be the subject of i‘jâz, thus long surahs (al-ṭiwāl) of Qur’ân should be taken as a criterion. Considering the great importance of Sûrah al-Kawthar in the context of i‘jâz theories, in the present study, first of all, the revelation period, structure and content of it will be discussed. Subsequently, the theories of i‘jâz, which this surah is taken as a criterion for i‘jâz in the history of Islamic thought will be examined. In addition, it will be discussed whether this surah is the subject of i‘jâz and challenge or not, and the i‘jâz theories laid out around this surah will be subject to criticism. The main questions of the present study are as follows: Is each surah of the Qur’ân an independent miracle? Is Sûrah al-Kawthar, which consists of three verses and one of the qısâr surahs, a miracle like Sûrah al-Baqara? Can the number of verses or words or letters of Sûrah al-Kawthar be taken as a criterion in determining the amount of i‘jâz? Can a verse be a miracle when it counts as the number of letters of Sûrah al-Kawthar? Is it possible to associate Sûrah al-Kawthar with i‘jâz in terms of structure? Does Sûrah al-Kawthar have rhetorical devices? This study is shaped around such questions and tries to find answers to them. Based on the answers to all these questions, qısâr surahs like Sûrah al-Kawthar should not be subject to i‘jâz and tahaddî. Because the understanding of determining the amount of i‘jâz of the Qur’ân by taking the letters, words or the number of verses of this surah as a criterion, does not comply with the integrity of Qur’ân.