Abstract: This article discusses the image of Roman Emperor Licinius I, political “long-liver” of the post-tetrarchy Civil War in Roman Empire, co-emperor and then rival of Constantine the Great. Being in the shadow of his great contemporary, Licinius is portrayed as a weak and incompetent ruler in some ancient literature. However, there rises a question of reasons how he could hold the power for about 16 years (308–324). Historical writings about Licinius were created after his defeat and therefore could not avoid the influence of winner’s propaganda – Constantine the Great’s. The author attempts to answer the stated questions by thorough analysis of narrative tradition and by justifying received data with material sources (inscriptions and coins). Therefore, complex analysis of various types of sources complies the research method used in this article. The author concludes that the real image of Licinius I as a politician, ruler and commander was irretrievably overshadowed by Constantine’s propaganda. Moreover, study of the sources allows to track down the changes in Licinius’ image within propaganda. While referring to the novelty of this article, one can mention that Emperor Licinius has not been fully studied before in Russian historiography. However, the author states that the study of narrative tradition about him is worth the effort not just in order to (perhaps, due to the tradition of a certain portrayal and winner’s propaganda – Constantine, this might not be counted as a reason at all) understand Licinius’ place in Roman history, but to study the ideological propaganda of Constantine the Great, its methods, goals, means and results as well.