The paper analyses the worldviews of Vyacheslav (Vaclav) Lypynsky, (1882–1931), who was an outstanding intellectual of Ukrainian conservative thought of the 1900–1930’s. Particular attention is paid to his views of the 1920’s when he completed the construction of his theory, and revised his earlier writings. Under the influence of the early sociological writings of Vilfredo Parto and Robert Michels, he developed a typology of the origins of aristocracy and corresponding types of state and society, these being classocratic, ochlocratic, and democratic. The paper looks at the similarities of Lypynsky’s views compared with some approaches typical of “conservative revolution”. Lypynsky’s argument is transitional, and comes from the necessity to reflect upon and respond to the core transformations of European societies as a result of, and post World War One. He completely rejected borrowing methods and attitudes of “mass politics” and use them in conservatism. In defining the term “nation”, Lypynsky consistently kept the framework of its political interpretation. At the same time, he understood that the Ukrainian national project was feasible only as political and anti-colonial (as in the USA). Thus, he tried to fit his understanding of ‘nation’ within monarchism and legitimism. Overall, Lypynsky’s ideas are far removed from any restorative intentions. It was a question of how to “restore the past”, since he was critical of the pre-World War One and pre-revolutionary status quo. He remained critical of this status quo when it was destroyed, and did not idealize it. The question is, however, if a new political action is possible, and if a new political order based on conservative ideas can be achieved.