Dedicating his “Meditations on Quixote” (1914) to Ramiro de Maeztu, a major ideologist of Hispanism, Ortega, who later turned into an irreconcilable adversary of both fascism and bolshevism, could neither predict a further development of his ideas, nor - this time independently of him - the idea of Hispanism itself including its transformation into official Francoist ideology. But what is Ortega's own Hispanism? Detailed analysis of his famous formula “I am I and my circumstance …”, which is a key to understand Ortega's philosophy and in particular his political philosophy, as well as it is a purification of its main notions such as “ratiovitalism” and “revolt of the masses”, well known and even “widely-known”, because of a simplification and banalization of the author's position - all that allows us to recognize in Spanish philosopher of the last century one of those personalities, who terminates traditional metaphysics. And if Hispanism forms the context of his philosophy, how is this context heeded and conceptualized in Ortega's philosophy and, in particular, in its first text? It might be that reading “Meditations on Quixote”, with the focus on this issue, will clarify the issue we have raised, i.e. the issue of “philosophy in context”, i.e. modern philosophy, in particular, to which Ortega y Gasset's philosophy contained “in nuce” in his first book, belong.