Analyzing J.Bodin’s conception of sovereignty, the author of the article discloses complexity and ambivalence of the philosopher’s characterization of the notion. To J.Bodin, sovereignty, as the author maintains, is power possessing the same substantial characteristics wherever it resides, regardless whether we deal with monarchy or republic. However, quite a few aspects of the nature of sovereignty have, in the long run, failed to be cleared up by the philosopher to the full, as he failed to make out distinction between sovereignty and the sovereign’s power. This latter circumstance has allowed the author to conclude that J.Bodin’s theory of sovereignty has been, most likely, somewhat moderized in the accounts presented by historiographers of political thought.