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Abstract: The article is aimed at outlining the essence of the modern literary process, in its similarity and difference with the classic period of the Russian literature. Referring to the classic tradition in literature and philosophy the author of the article nevertheless makes an attempt to penetrate into the unique nature of the contemporary Russian prose seeing it in a special «substance of literature» — the phenomenological style of literary thinking. Therefore at a center of the author's attention is a change of the «substance of literature» in the contemporary writing as quite different from the previous ones. The author tries to prove a change of the quality of literary writing — and not only as a worse one comparing with the previous periods. The task of the modern literary criticism is to understand an essence of this change outworking proper methods and instruments of a literary analysis. The present article is an attempt to represent such methods and instruments referring to the experience of the phenomenological approach.