While commentators recognize the centrality of the notion of Geist in Hegel's philosophical project, there is no consensus about what the term exactly designates and what its role is within his system. One interpretation, which has (re)appeared on the scene in recent years, overemphasizes the onto-theological connotations of the Hegelian term and understands it as a kind of supernatural or divine force determining the development of the system and guiding human history. Critically opposing this reading and showing its conceptual shortcomings, the paper clarifies Hegel's concept of Geist and discusses its real place in the philosopher's system.