The aim of the research is to find out the peculiarities of the interpretation of the term “quixotism” in the Russian literature and mass media. The term is believed to have appeared at the beginning of the XIX century when the first edition of the Russian translation of The Ingenious Gentleman Don Quixote of La Mancha, the famous novel by Cervantes, was published. The translation was made by Zhukovskiy V.A., who based it on the French Florian Zh. translation and not on the original. The first impression of Don Quixote among Russian readers did not differ from the one already existing in the West European society. The main character of the novel was perceived as a person who had lost the sense of reality after reading knight novels, outstanding but quite funny and ridiculous, pathetic rather than impressive. However, the interpretation of the image of the Ingenious Gentleman and later the term “quixotism” has changed over time. The emphasis has been gradually shifting to the positive elements of the image: determination of the hero despite the wrong goals, his romanticism, generosity, serving the greater good. The article explores the possible reasons for the inconsistency of the interpretation of the term “quixotism” and the peculiarity of its understanding in Russia. The article can be useful for the readers and researchers interested in the influence of the Cervantes works on the development of Russian culture and Russian literature in particular.