In our study we present the different interpretations of magic realism that have been outlined most prominently in Hungarian reception history in recent decades. As a starting point, Tamás Bényei’s perception, which is different from the well-known conceptualizations related to the Hispanic American cultural region and identity, is discussed. According to him, magic realism, apart from its connection to post-colonial literature, can be understood as a way of writing and as a rhetorical device. As opposed to this approach, the second perception, drawing on the international trends of understanding magic realism as cultural industry (Volek), and based on the investigation of the developmental processes of Hungarian prose, implies continuity between the anecdotal tradition of the 19th century and recent discourse-forming strategies (Papp). Highlighting the aspect of hybridity, the second interpretation, with its post-colonial theoretical background, predominantly examines literatures written in Hungarian beyond Hungary’s borders as well as other minority literatures (Papp).