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After a general overview of Myth Criticism since its beginnings, this article will give a precise account of the main purpose of this methodological approach: to show the actuality of myth and its functions. Particular attention will be paid to Cultural Myth Criticism, and how this new perspective deals with the main challenges that myth encounters today: social globalization, culture of immanence, and logic of consumerism. R. Segal’s key ideas about the concept of myth and its development in 20th century will be accounted for. This article pays particular attention to Cultural Mythcriticism, and how this new perspective deals with the main challenges that myth encounters today: social globalisation, culture of immanence, and logic of consumerism.