There are two fundamental problems in Gabriel Ly's philosophy: that of Being and Nothingness and that of the ultimate foundation of Being. His answers to these two questions are to take the positive fullness of Being as the ultimate reality and to posit God as the ultimate foundation of all beings. Although there is some sort of onto-theology in his way of thinking, nevertheless he has pointed out correctly a certain dialectics of immanence and transcendence in human nature, and an ontological warning against all nihilist tendency in contemporary humanism and atheistic tendencies. This article, all in making explicit his concepts of immanence and transcendence, Being and Nothingness, will retrace back, as a supplement to Gabriel's ultimate philosophical positions, a more positive concept of nothingness in Christian mystic tradition and to put it into a contrast with the Buddhist concept of emptiness. Last but not least, this article will show that Gabriel Ly, basing upon his concept of fullness of Being and transcendence as a process of going outside of oneself to the other, puts his emphasis on an ethics of love and generosity, which he realizes not only in theory but also in practice.