The article deals with semantics of English folk fairytales. Conceptual analysis is considered to be a new approach to the learning of folk fairytales. This analysis is performed in terms of cognitive linguistics which deals with structures of knowledge representation, which form language signs and speech patterns. The purpose of the investigation is to identify the patterns of structuring of mental representations which form conceptual (psychological) space of folk fairytale texts. They are considered to be the main prerequisite for both the folk fairytale formation and its understanding. While investigating the folk fairytale texts we have used the frame approach for modeling the conceptual space of a folk fairytale as a sign which is characterized by certain semantics .Our investigation develops Propp’s ideas and is connected with conceptual (cognitive) semantics Nowadays formal apparatus for modeling verbalized knowledge is developed within this field of science.