Equivalence is the core concept of the theory of translation. It is in producing texts equivalent to originals that the ultimate goal of translation consists; and it is equivalence that serves as the criterion on which translation is estimated. The theory of equivalence has undergone evolution from absoluteness up to relativity, from static character up to dynamism, from generality up to being devided on different types. A valuable contribution to detailed elaboration of concept of equivalence has been brought by such Russian linguists and translation researchers, as V. Gak, V. Comissarov, A. Schweitzer etc. In this article the main attention is paid to elucidation and critical analysis of concept of equevalence offerd by A. Schweitzer. Using the device of linguistic semiology, Schweitze distinguishes three types of equivalence: “syntactic equivalence “, “semantic equivalence “ and “pragmatical equivalence “. The second of above mentioned types is in turn subdivided into two species: “componential equivalence “ and “referential equivalence “. The given pattern quite accurately reflects the functional variety of texts and utterances a translator usually meets and enables him to make replacements and transformations during translation adequately. In a sufficient measure positively estimating Schweitzer's theoretical positions, the author of this article at the same time indicates in them those places, which require updating and improving, and in this connection he makes some statements about how to promote the further deepening of corresponding researches.