Economic sociology as a branch of sociology is more than 100 years old, not as old as sociology itself but not as young as it often represents itself. After the first decade of the 21st century it is time to sum up what is done, what is not and what is the right thing to do now in the field of economic sociology. The history of economic sociology from the end of the 19th century, through the long and storming 20th century and till the beginning of the 21st century is traced in this article. The major contributions to that discipline made by Durkheim, Weber, Parsons, Polanyi, Granovetter are studied; basic analytical issues and methodological approaches from positivism and interpretive method to structural-functional analysis, and embeddedness and network approaches are considered as well. The special focus is made on the New Economic Sociology and contemporary European economic sociology. One of the main arguments is that it is hardly possible to understand the current situation in economic sociology if we do