The paper deals with Carl Schmitt’s theory of democracy, aiming at presenting its merits and deficiencies. The argumentation is divided into two parts. Initially, the thesis that Schmitt’s theory works within two different levels, i.e., a conceptual one, which is essentially analytical, and a phenomenal one, which according to him would be descriptive only, is sustained. At this point, Schmitt’s theory of democracy and its critique of parliamentary democracy can be better understood. Finally, some criticisms against Schmitt’s position are presented.