This paper discusses and compares the realist and antirealist readings of Freudian metapsychology. It starts with a commentary of a typically antirealist interpretation as presented in Leopoldo Fulgencio’s book, Freud’s speculative method . Next, it discusses the alternative possibility of a realist interpretation of metapsychology based on some other authors who sustain this point of view; it also comments on some passages of Freud’s work which seem to support this interpretation. Finally, it seeks to discern some consequences brought about by each one of these readings to the understanding of the future development of psychoanalysis and metapsychology.