There are considered the peculiarities of the narration “Ich Erzahlung” in the novel by M.V. Semenova “Valkyrie”: the character’s analysis of the events happening with her; the judgments expressing her mythological thinking; lyrical digressions (dreams, reflections about the world around, self-analysis), folklore pastiche of a tale.

There are considered the differences between the modern pseudo-historical and the traditional historical prose and its correlation with the historical fantasy, peculiarities of historicism in the novels by M.V. Semenova. There is introduced the term relatively historical novels.

There is considered the issue of the fantasy phenomenon. Researchers mainly call it a genre but it is more correct to note it as a fantastic literary school because fantasy is characterized by a special plot, composition, world picture and characters type (features characteristic of the literary school) and they are stipulated by the nature of the fantastic.