The paper presents an analysis of the interpretation of the archetypal motif «death of the prince from the horse», reflected in the Tale of Bygone Years, A. S. Pushkin’s poem «The Song of the Wise Oleg» and re-established in V. S. Vysotsky’s poem «Song of Oleg the Wise». Vysotsky’s «Song» is a travesty and a parody. The images created by him are lowered via travesty. For the delineation of the images use is made of linguistic means. The Features of the interpretation of the annalistic legend of Oleg's death by Vysotsky through Pushkin's version are revealed by analyzing the contents of the plot scheme of the legend of the death of the prince realized in «songs» of poets, in the images of the heroes – the prince and magicians and in the stylistic shaping of Vysotsky’s rehash. It is concluded that the Soviet poet reinterpreted the values of Russian history and adapted them to the cultural and political problems of his time, which led to a «change of significances» of the plot of Wise Oleg.