This article examines the theoretical and methodological foundations of literary criticism and determines its role in the contemporary literary process. Literary criticism is considered not only as a form of evaluation of literary works, but also as an important component of literary studies, aesthetic thinking, and cultural communication. The relevance of the topic is explained by the fact that in the modern literary environment, where artistic texts, digital platforms, reader reception, and cultural values interact dynamically, literary criticism performs analytical, interpretive, evaluative, educational, and communicative functions. The aim of the study is to analyze the scientific-theoretical bases of literary criticism, to reveal its methodological principles, and to clarify its significance in the formation of literary taste and the development of the literary process. The research uses historical-literary, comparative-typological, hermeneutic, structural, and analytical methods. The article substantiates that literary criticism is based on such theoretical categories as artistic value, aesthetic criterion, genre, style, authorial position, reader reception, and socio-cultural context. The results show that contemporary literary criticism has expanded its traditional functions and now operates at the intersection of academic literary studies, journalism, cultural studies, and digital communication. The article concludes that literary criticism plays an essential role in identifying artistic tendencies, interpreting literary works, forming public literary consciousness, and ensuring the continuity between literary tradition and innovation.