This article argues the need for a closer analysis of the discourse of modernization in contemporary Russia. It offers explanations for the popularity of modernization theory postulates in Russia and examines their strengths and weaknesses. As I have shown, there prevails in Russian scholarly discourse an inventive combination of the main theses of the theory of modernization with an idea of Russia as a local civilization. Each of these two elements is normatively and ideologically loaded and closely connected with how the past is evaluated. They are both used in the ongoing ‘battle for identity’. It is suggested that modernization in Russia should be seen primarily as social representation, and not as an objective process of historical development. At the same time, the article identifies substantive elements of modernization theory which can serve as the foundations for a new theoretical approach. Such an approach will assist in a better understanding of objective social development processes.