Carl Schmitt (1888-1985) is one of the most widely read constitutional lawyers and political theorists of the 20th century. In the ongoing reception of his work, the term he coined and the eponymous work Political Theology (1922) play a central role. This study attempts to uncover Schmitt's intentions in the interest of a productive engagement with his work. After a context-oriented exploration of the concept and the fundamental principles of Political Theology, the various interpretations that have emerged over the decades are systematically presented and critically evaluated. Authors from the Weimar Republic, such as Hugo Ball, are considered alongside leading political philosophers of our time, such as Ernst-Wolfgang Böckenförde. The work culminates in the question of the (fundamental) theological relevance of Political Theology.