Abstract: Due to the global expansion of international connections in modern world, any person commanding a foreign language occasionally in one or another way acts as an interpreter. As a result, the popularity of involving the non-professional interpreters in translation process reduces the reputation of the interpreters, as well as the very quality of their work. The goal of this article consist in search for the answers regarding the issues that the modern translation studies are faced with: language problem, various translations or validity/invalidity of translation of the source, and absolute criterion for good translation, etc. This work is based on the writings of José Ortega y Gasset, Paul Ricœur, and Friedrich Schleiermacher. The results of this article could be useful for professional and amateur translators and interpreters, as they consist in clarification of the key goals of translation studies, determination of problems of text translations, determination of criteria for assessment of translation, as well as discovery of the translation methods of “rephrasing” and “retelling”, skillful application of which will allows increasing the qualification of the translator and avoid dangerous moments.