Introduction. The article reconstructs the image of the philosophical teaching of F. Nietzsche in O. Spengler’s “The Decline of the West”. The specific nature of Spengler’s reception of Nietzsche’s heritage is revealed. Theoretical analysis. The application of methodological principles and guidelines of philosophical comparative analysis allows us to reveal the conceptual refraction of the main headings of Nietzsche’s philosophy (the will to power, the superman, the eternal return, nihilism) within Spengler’s civilizational approach to understanding history. Conclusion. The conducted analysis allows us to conclude that the key moment in Spengler’s reception of Nietzsche’s heritage is the focus on critical exposure of Nietzsche’s main ideas. The eternal return, the superman, the morality of slaves and masters are presented in “The Decline of the West” as the illusions of the “belated romantic” Nietzsche. The “genuine” teaching of Nietzsche, from Spengler’s point of view, consists in the concept of nihilism and decadence of European civilization. It is concluded that Spengler’s philosophy presents only one aspect of Nietzsche’s teaching. Spengler is completely focused on the problem of decadence, while Nietzsche is dominated by the search for ways to overcome nihil ism. It is shown that Spengler’s criticism of Nietzsche’s main ideas has a positive significance, since it helps to eliminate the stereotypes that have developed in Nietzsche studies.