The article considers Buddhism in modern Mongolia in the context of the world of Tibetan Buddhism. The peculiarity of Buddhism in modern Mongolia lies in the simultaneous coexistence of different models and interpretations of Buddhism. The “socialist” model is the result of the transformations during the period of the People’s Republic of Mongolia: Buddhism is seen as a part of the cultural and national heritage, and the Hambo-lama is recognized as head of the Sangha.