This paper is devoted to the description and analysis of C. A. Eschenmayer’s philosophy of faith and of his discussion with F. W. J. Schelling. The author exposes the main ideas of Eschenmayer’s important work «Philosophy In Its Transition To The Non-Philosophy» (1803) in which he criticizes Schelling’s philosophy of the absolute identity pointing out the vagueness of the origin of multitude from the all-unity. At the material of Schelling’s answer («Philosophy and Religion», 1804) the author shows how Schelling begins to change his theoretical point of view. The world now is falling away from God. The paper deals also with their discussion of 1810-1812 around Schelling’s philosophy of liberty. Here Eschenmayer’s theology becomes completely apophatic. Owing to his incomprehension of the Schelling’s thought of those times and to his fi deism, his contradictions with Schelling become irreconciliable. But the both philosophers maintain friendly relations, it isn’t a case of Jacobi-Schelling controversy. Conclusions that may be drawn from the paper are following: (1) the philosophy of Eschenmayer is a particular case of the philosophy of feeling and faith which has a concrete historical nature. (2) The late «positive» Schelling’s philosophy can be considered as a successful «third way» between the unsteady rationalism and the theoretical deadlock of fi deism.