The aim of the article is to identify and critically assess the key concepts, ideas, and the epistemological principles of the contemporary sociological theory. Although the concept of “theory” has deep roots in the social sciences, Lithuanian theoretical sociology find itself in a position where it cannot significantly affect the nation’s intellectual agenda. The problem is that the theoretical sociology is identified with the role of the ‘under laborer’. Although there is a thriving industry of applied investigations within the discipline of sociology, not much attention has been focused on the theoretical sociology. The situation is further complicated by the fact that the scheme of the old historicism uncritically corresponds to the optimistic perspective of the new historicism. The article points out to an urgent need to re-think the perspectives of sociological theory for contemporary times. The article concludes with discussion of criteria in the assessment of status and value of theoretical sociology.