We present the observations of the Cataclysmic Variable AE Aquarii by 3 instruments of ISO in the previously unexplored range of 4.8-170 microns during a multi-wavelength campaign from the radio to visible wavelengths. Up to 7.3 microns, the major contribution comes from the secondary, with probably some additional cyclotron radiation from the white dwarf magnetic field, and some emission from the accretion stream. Thermal emission of dust grains seems to be very unlikely in AE Aqr. We also constrain the properties of the synchrotron radio-to-far-IR emitting plasmoids far more strongly than previous work. The flares timescale is also predicted to be < 1 min. at frequencies > 400 GHz.