This paper reconsiders the role played by the notion ‘sublime’ in Schelling’s philosophy of art, a notion whose relevance, with regard to Schelling as well as to all philosophers of Romanticism, is at first glance not apparent. Schelling’s reflexion on sublimity elaborates on the revision of the Kantian conception by Schiller, who transformed the notion, originally pertaining to the domain of the aesthetic experience of nature, into the basic structure of the theory of tragedy. Within Schelling’s metaphysics of art, the idea of artistic beauty, previously defined in terms of harmony and appeasement, is radically reshaped, taking on the distinctive features of sublimity, viz. dynamics and conflict. Since tragedy, for Schelling, is the highest form of work of art, his idea of beauty as expression of truth eventually merges with the notion sublimity.