At the beginning of the First World War, Italy was a member of the Triple Alliance with Germany and Austria-Hungary. However, Italy had been aligning itself with the Entente powers, France and Britain, for some years, meaning that it did not come to the aid of Germany when war broke out. When Italy did enter the war, it did so on the side of the Entente, having signed the Treaty of London in 1915. This meant that when the victorious Allies met at the Paris Peace Conference in 1919, Italy was not merely present, but was an important member of the Alliance. It was one of the Five Great Powers that controlled the proceedings, along with Great Britain, France, the United States, and Japan.
The outcome of the conference for Italy cannot be compared with the Treaty of Versailles since Italy was one of the victors. However, there was widespread anger in Italy that the country was poorly compensated for its heavy casualties and economic losses during the war. Italy gained some provinces in the north, Trentino and South Tyrol, and some of the peninsula of Istria, but failed to secure other territories, such as Dalmatia, which had been promised by the Treaty of London. The result of the conference for Italy was therefore dubbed the vittoria mutilata, or "mutilated victory," by nationalists, and fueled resentment which led to the rise of fascism, and ultimately to Italy's alliance with Germany in the Second World War.