The purpose of this article is to show how Spinoza’s conception of history could lead to a new formulation of the theory of democracy, in the context of Spinoza’s political philosophy. In this perspective, the analysis deals with the relations between historicity, on the one hand, and the notions of multitude and democracy, on the other, in the topic of Spinoza’s political thought. Into the horizon of historicity, the multitude’s (or the masses’) political activity could lead to the realisation of a sustainable democratic regime.