This article is about the roots and features of the theology of religions as a specific branch of theological studies. In the context of its contemporary developments, the author tries to eliminate challenges of the theology of religions from different aspects of humanities and social sciences, such as: religious studies, sociology, social psychology, etc. Furthermore, the author makes an effort to show the identification problems in the theology of religions. Moreover the author tries to show urgent problems of the theology of religions and its capacities for contemporary and future researches. In the context of his survey he also raises the questions about the distinction between the academic and confessional study of religions and about the theology of religions’ role as mediator or substitution for confessional study of religions in the above-mentioned distinction. Besides the efforts of elimination of the problems of the contemporary theology of religions, the author tries to link the theology of religions with the theological level of the concept of interreligious dialogue.