Introduction. An attempt is made to examine the role of classical heroic and modern myths in the development and preservation of historical memory as one of the traditional aspects of social and individual consciousness. Myths, participating in the formation of the identity of a person, comprehending the past and present of his people, personified in images, in the process of historical development of society can be transformed, exposed to pseudo-heroization and demythologization. Theoretical analysis. The heroes of classical myths are a cultural and moral example of preserving historical memory for descendants and are not subjected to demythologization. Non-classical myths and their heroes can be revised, re-evaluated, supplemented and adjusted in accordance with the change of historical eras, changes in the value orientations of a man and society, and the growth of crisis situations in society. Simultaneously with the natural process of demythologization, the process of restoring the historical memory of true heroes, their military and labor feats, clarification, expansion, and dissemination of information about the life of heroic individuals to the younger generation is taking place. Conclusion. Historical memory actively participates in the formation of the identity of a person who learns and evaluates history and modernity, recreated in the images of particular heroes, who can be transformed under the influence of objective and subjective conditions, and be exposed to pseudo-heroization and demythologization.